Haiti – FLASH : The economy of Haiti last of the zone Caribbean and Latin America
After the World Bank’s pessimistic forecasts last June for growth in Haiti’s Gross Domestic Product (GDP) in 2019, which it estimated at 0.4%, it is now the International Monetary Fund which is considering an even lower rate of 0.1%, at the limit of negative growth (same level as 2010 when the earthquake devastated the country), while in 2018 Haiti’s GDP already low, was 1.5%.
As for the prospects for Haiti, the IMF projects a weak growth with a rate of 1.2% for 2020 and only 1.5% in 2024…
In the latest report of the World Economic Forum “Global Competitiveness Report 2019” the global competitiveness index published in October, Haiti comes last on all the economies of the Caribbean and Latin America and is ranked 138th out of 141 economies analyzed, ahead of Congo (139th), Yemen (140th) and Chad (141st).
Among the 103 indicators analyzed (evaluated from 0 to 100) we see that Haiti has difficulties among others in macroeconomic stability (131), inflation (133), institutions (139), security (125), the performance of the public sector (130th), property rights (140th), the future direction of the government (141st) and corporate governance (141e) …
In terms of infrastructure, Haiti ranks last (141st) because of its poor transport infrastructure, the poor quality of its services and the access and supply of electricity and drinking water.
These poor performance in Haiti contrast with the performance of our neighbors Dominicans (78th in the world) which lead Haiti by 20 points and rank first in terms of transport infrastructure compared to the countries of Central America and 37th in the world.
In the “Doing Business 2020” just published, the situation is not much better for Haiti, which is in the penultimate region of the Caribbean and Latin America just ahead of Venezuela and 179th in world out of 190 countries analyzed, far behind the Dominican Republic (115th in the world).
In addition, Haiti and Venezuela are the only two countries in the Americas that do not offer the World Bank’s “Ease of Business” in 2020…
Jouthe Joseph, the Minister of Economy and Finance (MEF) recognizes that the current economic situation in the country is close to collapse and is the result of socio-political movements recorded for several months. However, it considers legitimate the protest movements of the population living in unacceptable precariousness, reiterating the will of the Government to overcome this precarious situation which weakens the society.
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