In 1987, it employed about 66% of the countries workforce, contributed about 35% of the GDP, and accounted for about 24% of the country's total exports. To make tourism a major industry for Haiti, further improvements in hotels, restaurants and other infrastructure still are needed. [32], Much of this article is based on public domain material from the U.S. government. . ), total: 40.02 deaths/1,000 live birthsmale: 45.71 deaths/1,000 live birthsfemale: 34.26 deaths/1,000 live births (2022 est. Since the 1991 coup, tourism has recovered slowly. Currently the poorest country in the Western Hemisphere, with close to 60% of the population living under the national poverty line, Haitis GDP growth rose to 5.5% in 2011 as the Haitian economy began recovering from the devastating January 2010 earthquake that destroyed much of its capital city, Port-au-Prince, and neighboring areas. During the early years of independence, Haiti's cohesion, autonomy, and finances remained precarious. Start working with the reports used by the worlds major financial institutions, multinational enterprises & government agencies now. In 2004, the manufacturing industry contributed about 20% of the country's GDP and employed slightly less than 10% of the country's labor force. HAITI'S LOW-INCOME, PEASANT-BASED economy faced serious economic and ecological obstacles to development in the late 1980s. Haiti hopes ore find will spur mining boom", "Electric power consumption (kWh) - Country Ranking", "Report for Selected Countries and Subjects", Inter-American Bank Grant To Benefit Haitian Coffee Growers, CTH Secretary General Paul Chery interviewed on the 2004 coup and labor issues, HAITI: Pain at the Pump Spurs Strike Actions, HAITI: Workers Protest Privatisation Layoffs, 'Haitis Grim History of Being "Open for Business"', "CHRONOLOGIE DU SECTEUR MINIER HAITIEN (de 1492 2000"), Google translation of "CHRONOLOGY OF MINING HAITIAN (From 1492 to 2000)", Caribbean Institute for Meteorology and Hydrology, Organisation of Eastern Caribbean States (OECS), South Georgia and the South Sandwich Islands, Trade-Related Aspects of Intellectual Property Rights, Special administrative regions of the People's Republic of China, Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu, https://en.wikipedia.org/w/index.php?title=Economy_of_Haiti&oldid=1115845586, World Trade Organization member economies, All articles with vague or ambiguous time, Vague or ambiguous time from November 2010, Articles with unsourced statements from November 2010, Articles with specifically marked weasel-worded phrases from November 2010, Articles with unsourced statements from January 2010, Articles with unsourced statements from May 2015, Articles with unsourced statements from February 2021, Creative Commons Attribution-ShareAlike License 3.0, apparel, manufactures, essential oils (Vetiver), cocoa, mangoes, coffee, bitter oranges (Grand Marnier), food, manufactured goods, machinery and transport equipment, fuels, raw materials, Officially the Republic of China, participates as ", This page was last edited on 13 October 2022, at 14:14. Private, domestic and foreign investment has been slow to return to Haiti. The country's gross domestic product (GDP) in 1987 was approximately US$1.95 billion, or about US$330 per capita, ranking Haiti as the poorest country in the Western Hemisphere and as the twenty-seventh most . Haiti is a free market economy with low labor costs and tariff-free access to the US for many of its exports. Of the total arable land of 550,000 hectares, 125,000 hectares are suited for irrigation, and of those only 75,000 hectares actually have been improved with irrigation. Its economy, essentially based on agriculture, is very vulnerable to climatic hazards. $31.62 billion (2020 est. [26] As of 2012 there was promise of gold and copper mining in northern Haiti. A republic, it was a French colony before gaining independence in an uprising by its enslaved people. Unpredictable and sudden regulatory changes are common. Haiti is a free market economy that enjoys the advantages of low labor costs and tariff-free access to the US for many of its exports. )geothermal: 0% of total installed capacity (2020 est. A private sector-led and free market system, the Haitian economy traditionally relies on its agricultural, construction, and commerce sectors, as well as the textile industry. In 2020, GDP contracted 3.3 percent and is estimated to have contracted by 1.8 in 2021. )50.71 (2014 est. Structural adjustment agreements with the International Monetary Fund, World Bank, Inter-American Development Bank, and other international financial institutions aiming at creating necessary conditions for private sector growth, have proved only partly successful. Haiti is the Americas' poorest country and among the most unequal. It is the second most populated country in the Caribbean with around 10 million people. ), total petroleum production: 0 bbl/day (2021 est. Haiti is a free market economy with low labor costs and tariff-free access to the US for many of its exports. The size of Haiti's informal economy is estimated to be 55.1% which represents approximatly $33 billion at GDP PPP levels. Although the government has increased its revenue collection, it continues to rely on formal international economic assistance for fiscal sustainability, with over 20% of its annual budget coming from foreign aid or direct budget support. The Michel Martelly administration in 2011 launched a campaign aimed at drawing foreign investment into Haiti as a means for sustainable development.[5]. ), production: 0 cubic meters (2021 est. Haiti's estimated population in 2018 was 11,439,646. Some of the leading minerals in the country include copper, bauxite, gold calcium carbonate, and marble. Tourism in Haiti has suffered from the country's political upheaval. It is a modern-day Apartheid state where a small minority of White . ), degree of risk: very high (2020)food or waterborne diseases: bacterial and protozoal diarrhea, hepatitis A and E, and typhoid fevervectorborne diseases: dengue fever and malaria, total: 2.85 liters of pure alcohol (2019 est. The following table shows the main economic indicators in 19802017. In 2013, it stood 135th out of 135 countries in net total consumption of electricity. In 2005, Haiti paid its arrears to the World Bank, paving the way for reengagement with the Bank. More in Haiti Open For Business, Doing Business in . Annual catches in recent years have totaled about 5,000 tons. The drop was a significant fall compared to 1950s when agriculture employed more than 80% of the country's workforce and contributed more than 50% of the GDP while accounting for about 90% of the country's total export. Although Haiti has a huge potential for tourism, the country is among the poorest nations in the Americas, facing new challenges such as high incidence of poverty, high levels of corruption, poor dilapidated infrastructure, lack of education . Five years ago, $1 US was equivalent to about 45 gourdes. World Bank data put Haiti's GDP at just over $11.9 billion in 2011. The copper ore was valued at about $83.5 million. ), $2,800 (2020 est. ), 3.139 million metric tonnes of CO2 (2019 est. Over the past five years, Haitis economy grew slowly until 2019. 39.175 gourds= a U.S dollar. FDI Inflow: $30.0 million. )permanent crops: 10.2% (2018 est. A council to guide the modernization program (CMEP) was established and a timetable was drawn up to modernize nine key parastatals. Haiti has no stock exchange. In 2001, 141,000 foreigners visited Haiti. )permanent pasture: 17.7% (2018 est. Roundwood removals annually total about 1,000 kilograms. )imports: 0 kWh (2019 est. At peak, Haiti's total external debt was estimated at 1.8 billion dollars, including half a billion dollars to the Inter-American Development Bank, Haiti's largest creditor. Grants from the United States and other countries have targeted this problem, but without much success. Our family's multi-color bond was the exception, not the rule in Haiti. )imports of goods and services: -60.3% (2017 est. No recent statistics exist, but it is widely accepted that Haiti is not merely the poorest country in the Western Hemisphere but also one of the most unequal. Haiti is a free market economy with low labor costs and tariff-free access to the US for many of its exports. Growth in both manufacturing and industry as a whole has been slowed by a lack of capital investment. Haiti is a country on the island of Hispaniola in the Caribbean Sea. Even with the country's low level of demand for energy, the supply of electricity traditionally has been sporadic and prone to shortages. )$2.11 billion (31 December 2016 est. The country has been a beneficiary of grants from the US targeting the industry, but there has been a minimal success. ), fossil fuels: 85.8% of total installed capacity (2020 est. The island was initially claimed by Spain, which later ceded the western third of the island to France. Another economic obstacle in Haiti's early independence was its payment of 150 million francs to France beginning in 1825; this did much to drain the country of its capital stock. Other taxes include a value-added tax. Coffee production in Haiti has been declining since the country gained independence. )nuclear: 0% of total installed capacity (2020 est. Under President Ren Prval, the country's economic agenda has included trade and tariff liberalization, measures to control government expenditure and increase tax revenues, civil service downsizing, financial sector reform, and the modernization of state . [citation needed] In 2002, the Canadian International Development Agency led a training program for Haitian Credit Unions. [citation needed]. Haiti is a country on the island of Hispaniola in the Caribbean Sea. Its 2005 GHI score was higher than that from 2000, and its 2010 score was higher still, indicating an increase in hunger and undernutrition, yet its 2019 score declined to 34.7, the lowest value observed in the time series since 2000.This latest score, however, is still at the very high end of the serious . )crude oil and lease condensate imports: 0 barrels/day (2018 est. Since the demise of the Duvalier dictatorship in 1986, international economists have urged Haiti to reform and modernize its economy. )crude oil estimated reserves: 0 barrels (2021 est. Haiti is a free market economy with low labor costs and tariff-free access to the US for many of its exports. ), urban population: 58.8% of total population (2022)rate of urbanization: 2.47% annual rate of change (2020-25 est. Trade Freedom 65.4 Create a Graph using this measurement, Investment Freedom 30.0 Create a Graph using this measurement, Financial Freedom 30.0 Create a Graph using this measurement. Haiti is a free market economy with low labor costs and tariff-free access to the US for many of its exports. A macroeconomic program developed in 2005 with the help of the International Monetary Fund helped the economy grow 1.8% in 2006, the highest growth rate since 1999. ), total: 24.1 yearsmale: 23.8 yearsfemale: 24.3 years (2020 est. [30] USA economic engagement under the HOPE Act, from December 2006, increased apparel exports and investment by providing tariff-free access to the USA. Haiti suffers from higher inflation than similar low-income countries, a lack of investment (increasing however since the recent presidential seating), and a severe trade deficit. Subsequently, Francois "Papa Doc" DUVALIER and then his son Jean-Claude "Baby Doc" DUVALIER led repressive and corrupt regimes that ruled Haiti in 1957-1971 and 1971-1986, respectively. St. Domingue's slave-based sugar and coffee industries had been fast-growing and successful, and by the 1760s it had become the most profitable colony in the Americas. ), conventional long form: Republic of Haiticonventional short form: Haitilocal long form: Republique d'Haiti (French)/ Repiblik d Ayiti (Haitian Creole)local short form: Haiti (French)/ Ayiti (Haitian Creole)etymology: the native Taino name means "Land of High Mountains" and was originally applied to the entire island of Hispaniola, name: Port-au-Princegeographic coordinates: 18 32 N, 72 20 Wtime difference: UTC-5 (same time as Washington, DC, during Standard Time)daylight saving time: +1hr, begins second Sunday in March; ends first Sunday in Novemberetymology: according to tradition, in 1706, a Captain de Saint-Andre named the bay and its surrounding area after his ship Le Prince; the name of the town that grew there means, "the Port of The Prince", 10 departments (departements, singular - departement); Artibonite, Centre, Grand'Anse, Nippes, Nord, Nord-Est, Nord-Ouest, Ouest, Sud, Sud-Est, history: many previous; latest adopted 10 March 1987, with substantial revisions in June 2012; note the constitution is commonly referred to as the amended 1987 constitutionamendments: proposed by the executive branch or by either the Senate or the Chamber of Deputies; consideration of proposed amendments requires support by at least two-thirds majority of both houses; passage requires at least two-thirds majority of the membership present and at least two-thirds majority of the votes cast; approved amendments enter into force after installation of the next president of the republic; constitutional articles on the democratic and republican form of government cannot be amended; amended many times, last in 2012, civil law system strongly influenced by Napoleonic Code, accepts compulsory ICJ jurisdiction; non-party state to the ICCt, citizenship by birth: nocitizenship by descent only: at least one parent must be a native-born citizen of Haitidual citizenship recognized: noresidency requirement for naturalization: 5 years, chief of state: President (vacant); note - Prime Minister Ariel HENRY assumed executive responsibilities, including naming Cabinet members, following the assassination of President MOISE on 7 July 2021; new elections have not yet been scheduledhead of government: Prime Minister Ariel HENRY (since 20 July 2021)cabinet: Cabinet chosen by the prime minister in consultation with the president; parliament must ratify the Cabinet and Prime Minister's governing policyelections/appointments: president directly elected by absolute majority popular vote in 2 rounds if needed for a 5-year term (eligible for a single non-consecutive term); last election had been originally scheduled for 9 October 2016 but was postponed until 20 November 2016 due to Hurricane Matthewelection results: 2016: Jovenel MOISE elected president in first round; percent of vote - Jovenel MOISE (PHTK) 55.6%, Jude CELESTIN (LAPEH) 19.6%, Jean-Charles MOISE (PPD) 11%, Maryse NARCISSE (FL) 9%; other 4.8%2011: Michel MARTELLY elected president in runoff; percent of vote - Michel MARTELLY (Peasant's Response) 68%, Mirlande MANIGAT (RDNP) 32%, description: bicameral legislature or le Corps legislatif ou le Parlement consists of:le Snat de la Rpublique or Senate (30 seats; 10 filled as of March 2022); members directly elected in multi-seat constituencies by absolute majority vote in 2 rounds if needed; members serve 6-year terms (2-term limit) with one-third of the membership renewed every 2 years)la Chambre des dputs or Chamber of Deputies (119 seats; 0 filled as of March 2022; members directly elected in single-seat constituencies by absolute majority vote in 2 rounds if needed; members serve 4-year terms; no term limits); note - when the 2 chambers meet collectively it is known as L'Assemble nationale or the National Assembly and is convened for specific purposes spelled out in the constitutionelections: Senate - last held on 20 November 2016 with runoff on 29 January 2017 (next originally scheduled for 27 October 2019 but postponed until political and civil society actors agree to a consensual process) Chamber of Deputies - last held on 9 August 2015 with runoff on 25 October 2015 and 20 November 2016 (next originally scheduled for 27 October 2019 but postponed until political and civil society actors agree to a consensual process)election results: Senate - percent of vote by party - NA; seats by party - NA; composition - men 10, women 0, percent of women 0%Chamber of Deputies - percent of vote by party - NA; seats by party - NA; composition - NAnote: the Chamber of Deputies is currently defunct, and the Senate is only one-third filled (not enough seats for a quorum), highest court(s): Supreme Court or Cour de cassation (consists of a chief judge and other judges); note 1 - the Cour de cassation currently has no chief judge and only 3 sitting members and is not functional; note 2 - Haiti is a member of the Caribbean Court of Justice; Constitutional Court, called for in the 1987 constitution but not yet established; High Court of Justice, for trying high government officials - currently not functionaljudge selection and term of office: judges appointed by the president from candidate lists submitted by the Senate of the National Assembly; note - Article 174 of Haiti's constitution states that judges of the Supreme Court are appointed for 10 years, whereas Article 177 states that judges of the Supreme Court are appointed for lifesubordinate courts: Courts of Appeal; Courts of First Instance; magistrate's courts; land, labor, and children's courtsnote: the Superior Council of the Judiciary or Conseil Superieur du Pouvoir Judiciaire is a 9-member body charged with the administration and oversight of the judicial branch of government, Alternative League for Haitian Progress and Emancipation (Ligue Alternative pour le Progres et lEmancipation Haitienne) or LAPEH [Jude CELESTIN]Christian Movement for a New Haiti or MCNH or Mochrenha [Luc MESADIEU]Christian National Movement for the Reconstruction of Haiti or UNCRH [Jean Chavannes JEUNE]Combat of Peasant Workers to Liberate Haiti (Konbit Travaye Peyizan Pou Libere Ayiti) or Kontra Pep La [Jean William JEANTY]Convention for Democratic Unity or KID [Evans PAUL]Cooperative Action to Rebuild Haiti or KONBA [Jean William JEANTY]December 16 Platform or Platfom 16 Desanm [Dr. Gerard BLOT]Democratic Alliance Party or ALYANS [Evans PAUL] (coalition includes KID and PPRH)Democratic Centers' National Council or CONACED [Osner FEVRY]Democratic and Popular Sector (Secteur Democratique et Populaire) or SDP [Nenel CASSY, Andre MICHEL, and Marjorie MICHEL]Democratic Unity Convention (Konvansyon Inite Demokratik) or KID [Enold JOSEPH]Dessalinian Patriotic and Popular Movement or MOPOD [Jean Andre VICTOR]Effort and Solidarity to Create an Alternative for the People or ESKAMP [Joseph JASME]Fanmi Lavalas or FL [Maryse NARCISSE and former President Jean Bertrand ARISTIDE]Forward (En Avant) [Jerry TARDIEU]Fusion of Haitian Social Democrats (Fusion Des Sociaux-Dmocrates Hatiens) or FHSD [Edmonde Supplice BEAUZILE]G18 Policy Platform (Plateforme Politique G18) [Joseph WUILSON]Haiti in Action (Ayiti An Aksyon Haiti's Action) or AAA [Youri LATORTUE]Haitian Tet Kale Party (Parti Haitien Tet Kale) or PHTK [Line Sainphaar BALTHAZAR]Independent Movement for National Reconciliation or MIRN [Luc FLEURINORD]Lavni Organization or LAVNI [Yves CRISTALIN]Lod Demokratik [Jean Renel SENATUS]Love Haiti (Renmen Ayiti) or RA [Jean Henry CEANT]MTV Ayiti [Reginald BOULOS]National Consortium of Haitian Political Parties (Consortium National des Partis Politiques Haitiens) or CNPPH [Jeantel JOSEPH]National Shield Network (Reseau Bouclier National) [Victor PROPHANE and Garry BODEAU]Organization of the People's Struggle (Oganizasyon Pep Kap Lite) or OPL [Edgard LEBLANC]Patriotic Unity (Inite Patriyotik) or Inite [Sorel YACINTHE and Levaillant Louis JEUNE]Platform Pitit Desalin (Politik Pitit Dessalines) or PPD [Jean-Charles MOISE]Political Party for Us All or Bridge (Pont) or Pou Nou Tout [Jean Marie CHERESTAL]Popular Patriotic Dessalinien Movement (Mouvement Patriotique Populaire Dessalinien) or MOPOD [Jean Andre VICTOR]Rally of Progressive National Democrats (Rassemblement des Democrates Nationaux Progressistes) or RDNP [Eric JEAN-BAPTISTE]Respe (Respect) [Charles Henry BAKER]Women and Families Political Parties (Defile Pati Politik Fanm Ak Fanmi) [Marie Rebecca GUILLAUME], ACP, AOSIS, Caricom, CD, CDB, CELAC, FAO, G-77, IADB, IAEA, IBRD, ICAO, ICC (NGOs), ICRM, IDA, IFAD, IFC, IFRCS, ILO, IMF, IMO, Interpol, IOC, IOM, IPU, ITSO, ITU, ITUC (NGOs), LAES, MIGA, NAM, OAS, OIF, OPANAL, OPCW, PCA, Petrocaribe, UN, UNCTAD, UNESCO, UNIDO, Union Latina, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO, chief of mission: Ambassador Bocchit EDMOND (since 23 December 2020)chancery: 2311 Massachusetts Avenue NW, Washington, DC 20008telephone: [1] (202) 332-4090FAX: [1] (202) 745-7215email address and website: amb.washington@diplomatie.hthttps://www.haiti.org/consulate(s) general: Atlanta, Boston, Chicago, Miami, Orlando (FL), New York, San Juan (Puerto Rico), chief of mission: Ambassador (vacant); Charge d'Affaires Nicole D. THERIOTembassy: Tabarre 41, Route de Tabarre, Port-au-Princemailing address: 3400 Port-au-Prince Place, Washington, DC 20521-3400telephone: [011] (509) 2229-8000FAX: [011] (509) 2229-8027email address and website: acspap@state.govhttps://ht.usembassy.gov/, two equal horizontal bands of blue (top) and red with a centered white rectangle bearing the coat of arms, which contains a palm tree flanked by flags and two cannons above a scroll bearing the motto L'UNION FAIT LA FORCE (Union Makes Strength); the colors are taken from the French Tricolor and represent the union of blacks and mulattoes, Hispaniolan trogon (bird), hibiscus flower; national colors: blue, red, name: "La Dessalinienne" (The Dessalines Song)lyrics/music: Justin LHERISSON/Nicolas GEFFRARDnote: adopted 1904; named for Jean-Jacques DESSALINES, a leader in the Haitian Revolution and first ruler of an independent Haiti, total World Heritage Sites: 1 (cultural)selected World Heritage Site locales: National History Park Citadel, Sans Souci, Ramiers. More Industries: sugar refining, flour milling, textiles, cement, light assembly industries based on imported parts More Currency Name and Code: Haitian Gourde (HTG) and US Dollar (USD) More In the same mineralized zone in the Dominican Republic Barrick Gold and Goldcorp are planning on reopening the Pueblo Viejo mine.[26][27][28]. In the aftermath of the 1994 restoration of constitutional governance, Haitian officials have indicated their commitment to economic reform through the implementation of sound fiscal and monetary policies and the enactment of legislation mandating the modernization of state-owned enterprises. Haiti's data is highlighted in the table below . The Haiti Economic Lift Program (HELP) Act of 2010 extended the CBTPA and HOPE II until 2020, while the Trade Preferences Extension Act of 2015 extended trade benefits provided to Haiti in the HOPE and HELP Acts through September 2025. Haiti received debt forgiveness for over $1 billion through the Highly-Indebted Poor Country initiative in mid-2009. Does Haiti have a good economy? )refined petroleum consumption: 21,100 bbl/day (2019 est. The major element is foreign remittances, reported as $931 million in 2002, primarily from the U.S. Foreign assistance, meanwhile, was $130 million in FY 2002. In January 2010, a major 7.0 magnitude earthquake struck Haiti with an epicenter about 25 km (15 mi) west of the capital, Port-au-Prince. Haiti is ranked 28th among 32 countries in the . Haiti is an independent nation in the Caribbean that occupies the western part of the island of Hispaniola, with the Dominican Republic to the east. Following the assassination of the president, Jovenel Mose in July 2021, the country has been plunged into a crisis of violent insecurity as criminal groups, which control much of the country, battle for power and territory. Mining in Haiti plays a significant role in the overall economy, and in 2013, the industry generated $13 million. Haiti is among the poorest countries in the world. )expenditures: 1.65 billion (2017 est. Estimates are that over 300,000 people were killed and some 1.5 million left homeless. Self-chosen isolation, for instance by prohibiting foreign landownership, further reduced the choice set of successive Haitian administrations. [5] Haiti suffers from a severe trade deficit, which it is working to address by moving into higher-end manufacturing and more value-added products in the agriculture sector. This amounted to a cancellation of $1.2 billion. An interior basin, known as the Central Plateau in Haiti and the San Juan Valley in the Dominican Republic, occupies about 150 square miles (390 square km) in the centre of the country. The General Consumer Price Index fell from 204.9 in February 2022 against 200.8 in January 2022. [22] Following the democratic election of Aristide in December 1990, many international creditors responded by cancelling significant amounts of Haiti's debt, bringing the total down to US$777 million in 1991. Comparative social and economic indicators show Haiti falling behind other low-income developing countries (particularly in the Western hemisphere) since the 1980s. Remittances are the primary source of foreign exchange, equivalent to more than a quarter of GDP, and nearly double the combined value of Haitian exports and foreign direct investment. Businesses have resorted to securing back-up power sources to deal with the regular outages. Government agreement with the International Monetary Fund (IMF) on a staff monitored program (SMP), followed by its payment of its $32 million arrears to the IDB in July, paved the way for renewed IDB lending.