Economy of Haiti

Last updated

Economy of Haiti
Port au prince-haiti.JPG
Currency Haitian gourde (HTG)
1 October – 30 September
Trade organizations
CARICOM, WTO
Country group
Statistics
GDP
  • Decrease2.svg $8.347 billion (nominal, 2020) [3]
  • Decrease2.svg $19.704 billion (PPP, 2020) [3]
GDP rank
GDP growth
  • 1.5% (2018) −0.9% (2019e)
  • −3.5% (2020f) 1.0% (2021f) [4] [note 1]
GDP per capita
  • Decrease2.svg $732 (nominal, 2020 est.) [3]
  • Decrease2.svg $1,728 (PPP, 2020 est.) [3]
GDP per capita rank
GDP by sector
Agriculture 21.9%
industry 20.8%
services 57.3% (2017 est.) [5]
12.885% (2018) [3]
Population below poverty line
58.5% (2012 est.) [5]
41.1 medium (2012) [6]
Labor force
4.594 million [5]
Labor force by occupation
Agriculture 38.1%
industry 11.5%
services 50.4% (2010 est.)
Unemployment13.2%
Main industries
Sugar refining, flour milling, textile, cement, light assembly, industries based on imported parts
External
Exports$960.1 million (2017 est.) [5]
Export goods
apparel, manufactures, essential oils (Vetiver), cocoa, mangoes, coffee, bitter oranges (Grand Marnier)
Main export partners
Flag of the United States.svg  United States 81%
Flag of Canada (Pantone).svg  Canada 7% (2019) [9]
Imports$3.621 billion (2017 est.) [5]
Import goods
food, manufactured goods, machinery and transport equipment, fuels, raw materials
Main import partners
Flag of the United States.svg  United States 39%
Flag of the People's Republic of China.svg  China 22%
Flag of Turkey.svg  Turkey 5% (2019) [10]
FDI stock
$1.46 billion (31 December 2017 est.) [5]
$2.607 billion (31 December 2017 est.) [5]
Public finances
31.1% of GDP (2017 est.) [5]
Revenues$1.58 billion (2017 est.) [5]
Expenses$2.251 billion (2017 est.) [5]
Economic aid$600 million (FY04 est.)
$2.044 billion (31 December 2017 est.) [5]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

Haiti is a free market economy [11] [12] [13] with low labor costs. A republic, it was a French colony before gaining independence in an uprising by its enslaved people. It faced embargoes and isolation after its independence as well as political crises punctuated by foreign interventions and devastating natural disasters. Haiti's estimated population in 2018 was 11,439,646. [14] [15] The Economist reported in 2010: "Long known as the poorest country in the Western hemisphere, Haiti has stumbled from one crisis to another since the Duvalier (François Duvalier) years." [16]

Contents

Haiti has an agricultural economy. Over half of the world's vetiver oil (an essential oil used in high-end perfumes) comes from Haiti. Bananas, cocoa, and mangoes are important export crops. Haiti has also moved to expand to higher-end manufacturing, producing Android-based tablets [17] and current sensors and transformers. [18] Its major trading partner is the United States (US), which provides the country with preferential trade access to the US market through the Haiti Hemispheric Opportunity through Partnership Encouragement (HOPE) and the Haiti Economic Lift Program Encouragement Acts (HELP) legislation.

Vulnerability to natural disasters, as well as poverty and limited access to education are among Haiti's most serious disadvantages. [5] Two-fifths of all Haitians depend on the agriculture sector, mainly small-scale subsistence farming, and remain vulnerable to damage from frequent natural disasters, exacerbated by the country's widespread deforestation. [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. Remittances are the primary source of foreign exchange, equaling nearly 20% of GDP. [5] Haiti's economy was severely impacted by the 2010 Haiti earthquake which occurred on 12 January 2010. [5]

Economic history

Historical GDP per capita development GDP per capita develoment of Haiti.svg
Historical GDP per capita development

Before the people enslaved in Haiti to work its plantations revolted against French colonization in 1804, Haiti ranked as the world's richest and most productive colony. [19] In the formative years of independence, Haiti suffered from isolation on the international stage, as evidenced by the early lack of diplomatic recognition accorded to it by Europe and the United States (which did not recognize it until 1862); this had a negative impact on investment in Haiti. 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. France forced Haiti to pay for its independence and freedom from colonization. According to a 2014 study, the Haitian economy stagnated due to a combination of weak state power and adverse international relations. [20] The authors write: [20]

For the newborn 'Negro republic', it was hard to become recognised as a sovereign nation state, it was difficult to form strategic alliances, to get access to foreign loans, and to safeguard trade interests, and it was overloaded with debt under threat of external violence (the French indemnity). Self-chosen isolation, for instance by prohibiting foreign landownership, further reduced the choice set of successive Haitian administrations. When opportunities for export-led growth opened up in the late 19th century, the odds were stacked against Haiti.

The United States invaded and occupied Haiti from 1915 to 1934.

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. A council to guide the modernization program (CMEP) was established and a timetable was drawn up to modernize nine key parastatals. Although the state-owned flour-mill and cement plants have been transferred to private owners, progress on the other seven parastatals has stalled. The modernization of Haiti's state-enterprises remains a controversial political issue in Haiti.

Under President René Préval (1996–2001, 2006 – 14 May 2011), the country's economic agenda included trade and tariff liberalization, measures to control government expenditure and increase tax revenues, civil-service downsizing, financial-sector reform, the privatization of state-owned enterprises, and the provision of private sector management contracts, or joint public-private investment. 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.

Comparative social and economic indicators show Haiti falling behind other low-income developing countries (particularly in the Western hemisphere) since the 1980s. Haiti's economic stagnation results from earlier[ when? ] inappropriate economic policies, political instability, a shortage of good arable land, environmental deterioration, continued use of traditional technologies, under-capitalization and lack of public investment in human resources, migration of large portions of the skilled population, and a weak national savings rate. [21]

Haiti continues to suffer the consequences of the 1991 coup. The irresponsible economic and financial policies of de facto authorities greatly[ citation needed ] accelerated Haiti's economic decline. Following the coup, the United States adopted mandatory sanctions, and the OAS instituted voluntary sanctions aimed at restoring constitutional government. International sanctions culminated in the May 1994 United Nations embargo of all goods entering Haiti except humanitarian supplies, such as food and medicine. The assembly sector, heavily dependent on U.S. markets for its products, employed nearly 80,000 workers in the mid-1980s. During the embargo, employment fell from 33,000 workers in 1991 to 400 in October 1995. Private, domestic and foreign investment has been slow to return to Haiti. Since the return of constitutional rule, assembly sector employment has gradually recovered with over 20,000 now employed, but further growth has been stalled by investor concerns over safety and supply reliability.

Remittances from abroad have consistently constituted a significant source of financial support for many Haitian households.

The Haitian Ministry of Economy and Finance designed[ citation needed ] the Haiti economic reforms of 1996 to rebuild the economy of Haiti after significant downturns suffered in the previous years. The primary reforms centered around the Emergency Economic Recovery Plan (EERP) and were followed by budget reforms.

Haiti's real GDP growth turned negative in FY 2001 after six years of growth. Real GDP fell by 1.1% in FY 2001 and 0.9% in FY 2002. Macroeconomic stability was adversely affected by political uncertainty, the collapse of informal banking cooperatives, high budget deficits, low investment, and reduced international capital flows, including suspension of IFI lending as Haiti fell into arrears with the Inter-American Development Bank (IDB) and World Bank.

Haiti's economy stabilized in 2003. Although FY 2003 began with the rapid decline of the gourde due to rumors that U.S. dollar deposit accounts would be nationalized and due to the withdrawal of fuel subsidies, the government successfully stabilized the gourde as it took the politically difficult decisions to float fuel prices freely according to world market prices and to raise interest rates. 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. The IDB disbursed $35 million of a $50 million policy-based loan in July and began disbursing four previously approved project loans totaling $146 million. The IDB, IMF, and World Bank also discussed new lending with the government. Much of this would be contingent on government adherence to fiscal and monetary targets and policy reforms, such as those begun under the SMP, and Haiti's payment of its World Bank arrears ($30 million at 9/30/03).

The IMF estimated that real GDP was flat in FY 2003 and projected 1% real GDP growth for FY 2004. However, GDP per capita – amounting to $425 in FY 2002 – will continue to decline[ citation needed ] as population growth is estimated at 1.3% p.a. While implementation of governance reforms and peaceful resolution of the political stalemate are key to long-term growth,[ citation needed ] external support remains critical in avoiding economic collapse. 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. Overall foreign assistance levels have declined since FY 1995, the year elected government was restored to power under a United Nations mandate, when the international community provided over $600 million in aid.

A legal minimum wage of 36 gourdes a day (about U.S. $1.80) was set[ by whom? ] in 1995, and applies to most workers in the formal sector. It was later raised to 70 gourdes per day. [22] This minimum is 200 gourdes a day (about U.S. $4.80). 39.175 gourds= a U.S dollar.

Haiti's economy suffered a severe setback in January 2010 when a 7.0 magnitude earthquake destroyed much of its capital city, Port-au-Prince, and neighboring areas. Already the poorest country in the Americas with 80% of the population living under the poverty line and 54% in abject poverty, the earthquake inflicted $7.8 billion in damage and caused the country's GDP to contract 5.4% in 2010. Following the earthquake, Haiti received $4.59 billion in international pledges for reconstruction, which has proceeded slowly. [5]

Chart showing the history of Haiti's GDP. Gioviboy00 wikipedia.svg
Chart showing the history of Haiti's GDP.

US economic engagement under the Haitian Hemispheric Opportunity through Partnership Encouragement (HOPE) Act, passed in December 2006, has boosted apparel exports and investment by providing duty-free access to the US. Congress voted in 2010 to extend the legislation until 2020 under the HELP Act; the apparel sector accounts for about 90% of Haitian exports and nearly one-tenth of GDP. Remittances are the primary source of foreign exchange, equaling nearly 20% of GDP and more than twice the earnings from exports. Haiti suffers from a lack of investment, partly because of limited infrastructure and a lack of security. In 2005, Haiti paid its arrears to the World Bank, paving the way for reengagement with the Bank. Haiti received debt forgiveness for over $1 billion through the Highly-Indebted Poor Country initiative in mid-2009. The remainder of its outstanding external debt was cancelled by donor countries following the 2010 earthquake but has since risen to over $600 million. The government relies on formal international economic assistance for fiscal sustainability, with over half of its annual budget coming from outside sources. The Michel Martelly administration in 2011 launched a campaign aimed at drawing foreign investment into Haiti as a means for sustainable development. [5]

Debt cancellation

In 2005 Haiti's total external debt reached an estimated US$1.3 billion, which corresponds to debt per capita of US$169, in contrast to the debt per capita of the United States which is US$102,000. [23] 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. However, new borrowing during the 1990s swelled the debt to more than US$1 billion.

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. In September 2009, Haiti met the conditions set out by the IMF and World Bank's Heavily Indebted Poor Countries program, qualifying it for cancellation of some of its external debt. This amounted to a cancellation of $1.2 billion. Despite this as of 2010 calls for cancellation of its remaining $1 billion debts came strongly from civil society groups such as the Jubilee Debt Campaign in reaction to the effects of the earthquake that hit the country. [24]

Primary industries

Primary industries are crucial to maintaining Haiti's economic diversity and relevance internationally.

Agriculture, forestry, and fishing

Although many Haitians make their living through subsistence farming, Haiti also has an agricultural export sector. Agriculture, together with forestry and fishing, accounts for about one-quarter (28% in 2004) of Haiti's annual gross domestic product and employs about two-thirds (66% in 2004) of the labor force. However, expansion has been difficult because mountains cover much of the countryside and limit the land available for cultivation. 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. Haiti's dominant cash crops include coffee, mangoes, and cocoa. Haiti has decreased its production of sugarcane, traditionally an important cash crop, because of declining prices and fierce international competition. Because Haiti's forests have thinned dramatically, timber exports have declined. Roundwood removals annually total about 1,000 kilograms. Haiti also has a small fishing industry. Annual catches in recent years have totaled about 5,000 tons.

Mining and minerals

Haiti has a mining industry which extracted minerals worth approximately US$13 million in 2013. Bauxite, copper, calcium carbonate, gold, and marble [25] were the most extensively extracted minerals in Haiti. Lime and aggregates and to a lesser extent marble are extracted. Gold was mined by the Spanish in early colonial times. Bauxite was mined for a number of years in recent times at a site near Miragoâne on the Southern peninsula. Operating from 1960 to 1972 International Halliwell Mines, Ltd. ("Halliwell"), a Canadian corporation, through its wholly owned Haitian subsidiary, La Societe d'Exploitation et de Developpement Economique et Natural d'Haiti ("Sedren") [26] mined copper near Gonaïves.

0.5 million tons of ore were exported. The copper ore was valued at about $83.5 million. The government of Haiti received about $3 million. [27] As of 2012 there was promise of gold and copper mining in northern Haiti. [28]

Gold

In 2012, it was reported that confidential agreements and negotiations had been entered into by the Haitian government granting licenses for exploration or mining of gold and associated metals such as copper for over 1,000 square miles (2,600 km2) in the mineralized zone stretching from east to west across northern Haiti. Estimates for the value of the gold which might be extracted through open-pit mining are as high as US$20 billion. Eurasian Minerals and Newmont Mining Corporation are two of the firms involved. According to Alex Dupuy, Chair of African American Studies and John E. Andrus Professor of Sociology at Wesleyan University the ability of Haiti to adequately manage the mining operations or to obtain and use funds obtained from the operations for the benefit of its people is untested and seriously questioned. Lakwèv, where earth dug from hand-made tunnels is washed for specks of free gold by local residents, is one of the locations. In the same mineralized zone in the Dominican Republic Barrick Gold and Goldcorp are planning on reopening the Pueblo Viejo mine. [27] [28] [29]

Secondary industries

Secondary industries in Haiti are beset by a variety of problems, while having some austerity measures to counteract them.[ further explanation needed ]

Manufacturing

The leading industries in Haiti produce beverages, butter, cement, detergent, edible oils, flour, refined sugar, soap, and textiles. Growth in both manufacturing and industry as a whole has been slowed by a lack of capital investment. Grants from the United States and other countries have targeted this problem, but without much success. Private home building and construction appear to be one subsector with positive prospects for growth.[ citation needed ]

In 2004 industry accounted for about 20 percent of the gross domestic product (GDP), and less than 10 percent of the labor force worked in industrial production. As a portion of the GDP, the manufacturing sector has contracted since the 1980s. The United Nations embargo of 1994 put out of work most of the 80,000 workers in the assembly sector. Additionally, the years of military rule following the presidential coup in 1991 resulted in the closure of most of Haiti's offshore assembly plants in the free zones surrounding Port-au-Prince. When President Aristide returned to Haiti, some improvements did occur in the manufacturing sector.[ citation needed ]

Haiti's cheaper labor brought some textile and garment assembly work back to the island in the late 1990s. Although these gains were undercut by international competition, the apparel sector in 2008 made up two-thirds [30] of Haiti's annual 490 million US dollars exports. [31] USA economic engagement under the HOPE Act, from December 2006, increased apparel exports and investment by providing tariff-free access to the USA. HOPE II, in October 2008, further improved the situation by extending preferences to 2018.

Energy

Haiti uses very little energy, the equivalent of approximately 250 kilograms of oil per head per year. In 2003, Haiti produced 546 million kilowatt-hours of electricity while consuming 508 million kilowatt-hours. In 2013, it stood 135th out of 135 countries in net total consumption of electricity. [32]

Most of the country's energy comes from the burning of wood. Haiti imports oil, consuming about 11,800 barrels per day (1,880 m3/d), as of 2003. The Péligre Dam, the country's largest, provides the capital city of Port-au-Prince with energy. Thermal plants provide electricity to the rest of the country. Even with the country's low level of demand for energy, the supply of electricity traditionally has been sporadic and prone to shortages. Mismanagement by the state has offset more than US$100 million in foreign investment targeted at improving Haiti's energy infrastructure. Businesses have resorted to securing back-up power sources to deal with the regular outages. The potential for greater hydropower exists, should Haiti have the desire and means to develop it. The government controls oil and gas prices, to an extent insulating Haitians from international price fluctuations.[ citation needed ]

Tertiary industries

Haiti relies significantly on tertiary industries for its economy.

Services

Haiti's services sector made up 52 percent of the country's gross domestic product in 2004 and employed 25 percent of the labor force. According to World Bank statistics, the services sector is one of the few sectors of Haiti's economy that sustained steady, if modest, growth throughout the 1990s.

Banking

Lack of a stable and trustworthy banking system has impeded Haiti's economic development. Banks in Haiti have collapsed on a regular basis. Most Haitians do not have access to loans of any sort. When reelected in 2000, President Aristide promised to remedy this situation but instead introduced a non-sustainable plan of "cooperatives" that guaranteed investors a 10 percent rate of return. By 2000, the cooperatives had crumbled and Haitians had collectively lost more than US$200 million in savings. [33]

Haiti's central bank, the Bank of the Republic of Haiti, oversees 10 commercial banks and two foreign banks operating in the country. Most banking takes place in the capital city of Port-au-Prince. The United Nations and the International Monetary Fund have led efforts to diversify and expand the finance sector, making credit more available to rural populations.[ citation needed ] In 2002, the Canadian International Development Agency led a training program for Haitian Credit Unions. Haiti has no stock exchange.

Tourism

Tourism in Haiti has suffered from the country's political upheaval. Inadequate infrastructure also has limited visitors to the island. In the 1970s and 1980s, however, tourism was an important industry, drawing an average of 150,000 visitors annually. Since the 1991 coup, tourism has recovered slowly. The Caribbean Tourism Organization (CTO) has joined the Haitian government in an effort to restore the island's image as a tourist destination. In 2001, 141,000 foreigners visited Haiti. Most came from the United States. To make tourism a major industry for Haiti, further improvements in hotels, restaurants and other infrastructure still are needed.

Television

International television companies have earned subscriber bases in the tens of thousands,[ citation needed ] and Canal+ sees significant room to develop the pay TV industry in Haiti, having earned over 100,000 subscribers in the country as of 2021. [34]

Macro-Economic

The following table shows the main economic indicators in 1980–2017. [35]

YearGDP
(in bil. US$ PPP)
GDP per capita
(in US$ PPP)
GDP
(in bil. US$ nominal)
GDP growth
(real)
Inflation
(consumer prices)
Government debt
(Percentage of GDP)
198010.01,0772.77.3%17.78%...
198512.61,2414.00.8%10.65%...
199014.61,3101.7−0.4%21.28%...
199515.01,2244.89.9%27.61%...
200018.51,3786.80.9%13.71%55%
200522.01,3917.21.8%15.73%47%
200623.11,4437.52.2%13.07%39%
200724.81,5079.53.3%8.52%35%
200826.01,52610.50.8%15.52%38%
200927.71,56111.60.9%-0.02%28%
201026.41,47111.9−5.5%5.7%17%
201128.31,56213.05.5%8.4%12%
201228.31,61413.72.9%6.29%16%
201330.71,68614.94.2%5.85%21%
201431.31,74115.12.8%4.57%26%
201531.01,75814.81.2%9.02%30%
201633.41,78314.01.5%13.83%34%
201734.61,81415.01.2%14.67%32%

See also

Footnotes

  1. "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund . Retrieved 29 September 2019.
  2. "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank . Retrieved 29 September 2019.
  3. 1 2 3 4 5 "World Economic Outlook Database, October 2019". IMF.org. International Monetary Fund . Retrieved 22 October 2019.
  4. Global Economic Prospects, June 2020. World Bank. 8 June 2020. p. 86. doi:10.1596/978-1-4648-1553-9. ISBN   978-1-4648-1553-9 . Retrieved 16 June 2020.{{cite book}}: |website= ignored (help)
  5. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 CIA World Factbook, Haiti entry, accessed 31 January 2017.
  6. "GINI index (World Bank estimate) - Haiti". data.worldbank.org. World Bank. Retrieved 12 January 2020.
  7. "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme . Retrieved 11 December 2019.
  8. "Inequality-adjusted Human Development Index (IHDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme . Retrieved 11 December 2019.
  9. "Export Partners of Haiti". The World Factbook . 2016. Retrieved 9 June 2021.
  10. "Import Partners of Haiti". The World Factbook . 2017. Retrieved 1 February 2017.
  11. "Haiti". Forbes .
  12. The World Factbook
  13. "BTI 2022 Haiti Country Report".
  14. "World Population Prospects 2022". United Nations Department of Economic and Social Affairs, Population Division. Retrieved 17 July 2022.
  15. "World Population Prospects 2022: Demographic indicators by region, subregion and country, annually for 1950-2100" (XSLX) ("Total Population, as of 1 July (thousands)"). United Nations Department of Economic and Social Affairs, Population Division. Retrieved 17 July 2022.
  16. "The World In Figures". The Economist. 13 November 2009. ISSN   0013-0613 . Retrieved 17 April 2022.
  17. "Surtab". Surtab. Retrieved 5 May 2015.
  18. "Manutech". Manutech. Retrieved 5 May 2015.
  19. McLellan, James May (2010). Colonialism and Science: Saint Domingue and the Old Regime (reprint ed.). University of Chicago Press. p. 63. ISBN   978-0-226-51467-3 . Retrieved 22 November 2010. [...] French Saint Domingue at its height in the 1780s had become the single richest and most productive colony in the world.
  20. 1 2 Frankema, Ewout; Masé, Aline (1 January 2014). "An Island Drifting Apart. Why Haiti Is Mired in Poverty While the Dominican Republic Forges Ahead". Journal of International Development. 26 (1): 128–148. doi:10.1002/jid.2924. ISSN   1099-1328.
  21. LUNDAHL, MATS (1992). "THE HAITIAN ECONOMY FACING THE 1990s". Canadian Journal of Latin American and Caribbean Studies / Revue canadienne des études latino-américaines et caraïbes. 17 (33): 5–32. doi:10.1080/08263663.1992.10816668. ISSN   0826-3663. JSTOR   41799785.
  22. "Haiti: Minimum Wage Increases". The New York Times. Associated Press. 6 May 2014. ISSN   0362-4331 . Retrieved 23 September 2023.
  23. "NationMaster - Statistics > Debt > external (per capita) by country".{{cite web}}: |archive-url= is malformed: timestamp (help)CS1 maint: url-status (link)
  24. "Jubilee Debt Campaign UK : Country information : Haiti". Archived from the original on 20 January 2010. Retrieved 25 January 2010.
  25. "Haiti marble blocks for export". Archived from the original on 17 January 2022. Retrieved 1 June 2012. Haiti black marble portoro type
  26. Mansfield. "International Halliwell Mines Limited v. Continental Copper & Steel Industries". Federal Reporter. 2nd. OpenJurist.org. F2d (544): 105. Retrieved 29 May 2022.
  27. 1 2 "Gold Rush in Haiti!: Who will get rich?". Haiti Grassroots Watch. Retrieved 31 May 2012.
  28. 1 2 Regan, Jane (30 May 2012). "Haiti's rush for gold gives mining firms a free rein over the riches". The Guardian. London. Retrieved 31 May 2012.
  29. Mendoza, Martha (11 May 2012). "Gold! Haiti hopes ore find will spur mining boom". Google Hosted News. Associated Press. Retrieved 31 May 2012.
  30. Bloomberg.com
  31. Index Mundi: Haiti exports 2008
  32. "Electric power consumption (kWh) - Country Ranking". Index Mundi. 12 July 2014. Archived from the original on 27 October 2012. Retrieved 12 July 2014.
  33. "Haiti". Library of Congress, Washington, D.C. 20540 USA. Retrieved 23 September 2023.
  34. Clémençot, Julien (29 April 2021). "Ethiopia/Media: Canal+ ready to take on StarTimes and Multichoice". The Africa Report. Retrieved 23 February 2023.
  35. "Report for Selected Countries and Subjects" . Retrieved 7 September 2018.
  1. GDP is based on fiscal year, which runs from October to September of next year.

Related Research Articles

<span class="mw-page-title-main">Economy of Eritrea</span>

The economy of Eritrea has undergone extreme changes after the War of Independence. It experienced considerable growth in recent years, indicated by an improvement in gross domestic product in 2011 of 8.7 percent and in 2012 of 7.5% over 2011, and has a total of $8.090 billion as of 2020. However, worker remittances from abroad are estimated to account for 32 percent of gross domestic product.

<span class="mw-page-title-main">Economy of Ethiopia</span>

The economy of Ethiopia is a mixed and transition economy with a large public sector. The government of Ethiopia is in the process of privatizing many of the state-owned businesses and moving toward a market economy. The banking, telecommunication and transportation sectors of the economy are dominated by government-owned companies.

<span class="mw-page-title-main">Economy of Grenada</span>

The economy of Grenada is largely tourism-based, small, and open economy. Over the past two decades, the main thrust of Grenada's economy has shifted from agriculture to services, with tourism serving as the leading foreign currency earning sector. The country's principal export crops are the spices nutmeg and mace. Other crops for export include cocoa, citrus fruits, bananas, cloves, and cinnamon. Manufacturing industries in Grenada operate mostly on a small scale, including production of beverages and other foodstuffs, textiles, and the assembly of electronic components for export.

<span class="mw-page-title-main">Economy of Honduras</span>

The economy of Honduras is based mostly on agriculture, which accounts for 14% of its gross domestic product (GDP) in 2013. The country's leading export is coffee (US$340 million), which accounted for 22% of the total Honduran export revenues. Bananas, formerly the country's second-largest export until being virtually wiped out by 1998's Hurricane Mitch, recovered in 2000 to 57% of pre-Mitch levels. Cultivated shrimp is another important export sector. Since the late 1970s, towns in the north began industrial production through maquiladoras, especially in San Pedro Sula and Puerto Cortés.

<span class="mw-page-title-main">Economy of Indonesia</span>

The economy of Indonesia is a mixed economy with dirigiste characteristics, and it is one of the emerging market economies in the world and the largest in Southeast Asia. As an upper-middle income country and member of the G20, Indonesia is classified as a newly industrialized country. Estimated at over 21 quadrillion rupiah in 2023, it is the 16th largest economy in the world by nominal GDP and the 7th largest in terms of GDP (PPP). Indonesia's internet economy reached US$77 billion in 2022, and is expected to cross the US$130 billion mark by 2025. Indonesia depends on the domestic market and government budget spending and its ownership of state-owned enterprises. The administration of prices of a range of basic goods also plays a significant role in Indonesia's market economy. However, since the 1990s, the majority of the economy has been controlled by individual Indonesians and foreign companies.

<span class="mw-page-title-main">Economy of Kenya</span>

The economy of Kenya is market-based with a few state enterprises. Kenya has an emerging market and is an averagely industrialised nation ahead of its East African peers. Currently a lower middle income nation, it plans to be a newly industrialised nation by 2030. Major industries include financial services, agriculture, real estate, manufacturing, logistics, tourism, retail and energy. As of 2020, Kenya had the third largest economy in Sub-Saharan Africa, behind Nigeria and South Africa. By 2023, the country had become Africa's largest start-up hub by both funds invested and number of projects.

<span class="mw-page-title-main">Economy of Laos</span>

The economy of Laos is a lower-middle income developing economy. Being one of the socialist states, the Lao economic model resembles the Chinese socialist market and/or Vietnamese socialist-oriented market economies by combining high degrees of state ownership with openness to foreign direct investment and private ownership in a predominantly market-based framework.

<span class="mw-page-title-main">Economy of Nicaragua</span>

The economy of Nicaragua is focused primarily on the agricultural sector. Nicaragua itself is the least developed country in Central America, and the second poorest in the Americas by nominal GDP. In recent years, under the administrations of Daniel Ortega, the Nicaraguan economy has expanded somewhat, following the Great Recession, when the country's economy actually contracted by 1.5%, due to decreased export demand in the American and Central American markets, lower commodity prices for key agricultural exports, and low remittance growth. The economy saw 4.5% growth in 2010 thanks to a recovery in export demand and growth in its tourism industry. Nicaragua's economy continues to post growth, with preliminary indicators showing the Nicaraguan economy growing an additional 5% in 2011. Consumer Price inflation have also curtailed since 2008, when Nicaragua's inflation rate hovered at 19.82%. In 2009 and 2010, the country posted lower inflation rates, 3.68% and 5.45%, respectively. Remittances are a major source of income, equivalent to 15% of the country's GDP, which originate primarily from Costa Rica, the United States, and European Union member states. Approximately one million Nicaraguans contribute to the remittance sector of the economy.

<span class="mw-page-title-main">Economy of Niger</span>

The gross domestic product (GDP) of Niger was $16.617 billion US dollars in 2023, according to official data from the World Bank. This data is based largely on internal markets, subsistence agriculture, and the export of raw commodities: foodstuffs to neighbors and raw minerals to world markets. Niger, a landlocked West African nation that straddles the Sahel, has consistently been ranked on the bottom of the Human Development Index, at 0.394 as of 2019. It has a very low per capita income, and ranks among the least developed and most heavily indebted countries in the world, despite having large raw commodities and a relatively stable government and society not currently affected by civil war or terrorism. Economic activity centers on subsistence agriculture, animal husbandry, re-export trade, and export of uranium.

<span class="mw-page-title-main">Economy of Pakistan</span>

The economy of Pakistan is categorized as a developing economy. It ranks as the 24th-largest based on GDP using purchasing power parity (PPP) and the 46th largest in terms of nominal GDP. With a population of 232 million people as of 2023, Pakistan’s position at per capita income ranks 161st by GDP (nominal) and 138th by GDP (PPP) according to the International Monetary Fund (IMF).

<span class="mw-page-title-main">Economy of Paraguay</span>

The economy of Paraguay is a market economy that is highly dependent on agriculture products. In recent years, Paraguay's economy has grown as a result of increased agricultural exports, especially soybeans. Paraguay has the economic advantages of a young population and vast hydroelectric power. Its disadvantages include the few available mineral resources, and political instability. The government welcomes foreign investment.

<span class="mw-page-title-main">Economy of the Republic of the Congo</span>

The economy of the Republic of the Congo is a mixture of subsistence hunting and agriculture, an industrial sector based largely on petroleum extraction and support services. Government spending is characterized by budget problems and overstaffing. Petroleum has supplanted forestry as the mainstay of the economy, providing a major share of government revenues and exports. Nowadays the Republic of the Congo is increasingly converting natural gas to electricity rather than burning it, greatly improving energy prospects.

<span class="mw-page-title-main">Economy of Senegal</span>

The economy of Senegal is driven by mining, construction, tourism, fishing and agriculture, which are the main sources of employment in rural areas, despite abundant natural resources in iron, zircon, gas, gold, phosphates, and numerous oil discoveries recently. Senegal's economy gains most of its foreign exchange from fish, phosphates, groundnuts, tourism, and services. As one of the dominant parts of the economy, the agricultural sector of Senegal is highly vulnerable to environmental conditions, such as variations in rainfall and climate change, and changes in world commodity prices.

<span class="mw-page-title-main">Economy of Tanzania</span>

The economy of Tanzania is a lower-middle income economy that is overwhelmingly dependent on agriculture. Tanzania's economy has been transitioning from a planned economy to a market economy since 1985. Although total GDP has increased since these reforms began, GDP per capita dropped sharply at first, and only exceeded the pre-transition figure in around 2007.

<span class="mw-page-title-main">Economy of Thailand</span>

The economy of Thailand is dependent on exports, which accounted in 2021 for about 58 per cent of the country's gross domestic product (GDP). Thailand itself is a newly industrialized country, with a GDP of 17.367 trillion baht (US$495 billion) in 2022, the 9th largest economy in Asia. As of 2018, Thailand has an average inflation of 1.06% and an account surplus of 7.5% of the country's GDP. Its currency, the Thai Baht, ranked as the tenth most frequently used world payment currency in 2017.

<span class="mw-page-title-main">Economy of Yemen</span>

The economy of Yemen has significantly weakened since the breakout of the Yemeni Civil War and the humanitarian crisis, which has caused instability, escalating hostilities, and flooding in the region. At the time of unification, South Yemen and North Yemen had vastly different but equally struggling underdeveloped economic systems. Since unification, the economy has been forced to sustain the consequences of Yemen's support for Iraq during the 1990–91 Persian Gulf War: Saudi Arabia expelled almost 1 million Yemeni workers, and both Saudi Arabia and Kuwait significantly reduced economic aid to Yemen. The 1994 civil war further drained Yemen's economy. As a consequence, Yemen has relied heavily on aid from multilateral agencies to sustain its economy for the past 24 years. In return, it has pledged to implement significant economic reforms. In 1997 the International Monetary Fund (IMF) approved two programs to increase Yemen's credit significantly: the enhanced structural adjustment facility and the extended funding facility (EFF). In the ensuing years, Yemen's government attempted to implement recommended reforms: reducing the civil service payroll, eliminating diesel and other subsidies, lowering defense spending, introducing a general sales tax, and privatizing state-run industries. However, limited progress led the IMF to suspend funding between 1999 and 2001.

<span class="mw-page-title-main">Economy of Madagascar</span>

The economy of Madagascar is US$9.769 billion by gross domestic product as of 2020, being a market economy and is supported by an agricultural industry and emerging tourism, textile and mining industries. Malagasy agriculture produces tropical staple crops such as rice and cassava, as well as cash crops such as vanilla and coffee.

<span class="mw-page-title-main">Economy of Guyana</span>

The economy of Guyana is one of the fastest growing in the world with a gross domestic product (GDP) growth of 19.9% in 2021. In 2023, Guyana had a per capita gross domestic product of Int$60,648 and an average GDP growth of 4.2% over the previous decade. Guyana's economy was transformed in 2015 with the discovery of an offshore oil field in the country’s waters about 120 miles from Georgetown. Making the first commercial grade crude oil draw in December 2019, sending it abroad for refining.

<span class="mw-page-title-main">Economy of Algeria</span>

Algeria's economy continued to recover in the first half of 2022, led by a return of oil production to pre-pandemic levels and a continued recovery of the service sector along with a more vigorous agricultural activity. The recovery should continue into 2023, supported by the nonhydrocarbon sector and public expenditure growth, according to the latest edition of the World Bank's Algeria Economic Update.

The economic history of Ecuador covers the development of Ecuador's economy throughout its history, beginning with colonization by the Spanish Empire, through independence and up to the 21st century.

References

Much of this article is based on public domain material from the U.S. government. See: US Dept of State

  1. CIA World Factbook: Haiti
  2. Haiti Agriculture
  3. Inter-American Bank Grant To Benefit Haitian Coffee Growers
  4. Haitian Free Trade Zone
  5. IICA plants for Haiti's environment
  6. Defending Labor Rights in Haiti
  7. CTH Secretary General Paul Chery interviewed on the 2004 coup and labor issues
  8. HAITI: Pain at the Pump Spurs Strike Actions
  9. HAITI: Workers Protest Privatisation Layoffs