The French colony, based on forestry and sugar-related industries, became one of the wealthiest in the Caribbean but relied heavily on the forced labor of enslaved Africans and environmentally degrading practices. )note: data represents median age at first birth among women 25-49, 480 deaths/100,000 live births (2017 est. )exports: 0 cubic meters (2021 est. In the late 18th century, Toussaint L'OUVERTURE led a revolution of Haiti's nearly half a million slaves that ended France's rule on the island. ), total petroleum production: 0 bbl/day (2021 est. ), definition: age 15 and over can read and writetotal population: 61.7%male: 65.3%female: 58.3% (2016), extensive deforestation (much of the remaining forested land is being cleared for agriculture and used as fuel); soil erosion; overpopulation leads to inadequate supplies of potable water and a lack of sanitation; natural disasters, party to: Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Climate Change-Paris Agreement, Desertification, Hazardous Wastes, Law of the Sea, Marine Dumping-London Convention, Marine Life Conservation, Ozone Layer Protectionsigned, but not ratified: Nuclear Test Ban, particulate matter emissions: 14.63 micrograms per cubic meter (2016 est. Haiti remains the poorest country in the LAC region and among the poorest countries in the world. 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. The General Consumer Price Index fell from 204.9 in February 2022 against 200.8 in January 2022. )from consumed natural gas: 2,000 metric tonnes of CO2 (2019 est. Haiti is the poorest country in the Western Hemisphere, as well as one of the most unequal in wealth distribution. 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. Coffee production in Haiti has been declining since the country gained independence. Press For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. Real GDP fell by 1.1% in FY 2001 and 0.9% in FY 2002. The primary reforms centered around the Emergency Economic Recovery Plan (EERP) and were followed by budget reforms. Inadequate infrastructure also has limited visitors to the island. 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. Other taxes include a value-added tax. US economic engagement under the Caribbean Basin Trade Partnership Act (CBTPA) and the 2008 Haitian Hemispheric Opportunity through Partnership Encouragement Act (HOPE II) have contributed to an increase in apparel exports and investment by providing duty-free access to the US. Haiti Economy. More than 70% of Haiti's population lives on less than $2 a day. 2022 by The Heritage Foundation. Unpredictable and sudden regulatory changes are common. Haiti is ranked 28th among 32 countries in the Americas region, and its overall score is below the regional and world averages. It is the second most populated country in the Caribbean with around 10 million people. Haiti also has a small fishing industry. The economy contracted by 3.7 percent in 2020. People in societies with traditional economies typically trade or barter instead of using . Rampant crime and violence on top of a stagnating economy, social unrest, and widespread corruption paint a grim picture of a still unstable Haiti. World Bank data put Haiti's GDP at just over $11.9 billion in 2011. Half of its adult population is illiterate. Gold mining in the country has a long history, and it was widely mined by the Spanish during the colonial period. The torture and assassination of president Jovenel Mose by unknown assailants laid bare the reality in Haiti in ways that we can no longer hide. Looking at the Haiti economy, it has dwindled drastically from what it was in the past. The only subsector that has shown some prospects of growth has been the private construction and home building. The history of the island nation of Haiti has been marked by colonization, slavery, and political turmoil. Haiti has long been plagued by natural disasters. ), municipal: 190 million cubic meters (2017 est. ), urban population: 58.8% of total population (2022)rate of urbanization: 2.47% annual rate of change (2020-25 est. Remittances are the primary source of foreign exchange, equaling nearly 20% of GDP. )63.34 (2016 est. A legal minimum wage of 36 gourdes a day (about U.S. $1.80) was set[by whom?] The modernization of Haiti's state-enterprises remains a controversial political issue in Haiti. In 2005, Haiti paid its arrears to the World Bank, paving the way for reengagement with the Bank. 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. Two-fifths of all Haitians depend on the agricultural sector, mainly small-scale subsistence farming, which remains vulnerable to damage from frequent natural disasters. The assembly sector, heavily dependent on U.S. markets for its products, employed nearly 80,000 workers in the mid-1980s. 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. Haiti's political climate in the near term will remain tumultuous. )subscriptions per 100 inhabitants: 64 (2020 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. The economy of Haiti is largely shaped by agriculture. The tourism industry generated about $200 million in 2012 primarily from cruise ships. President MOISE's five-year term would have ended on 7 February 2022; his assassination plunged Haiti deeper into a political crisis that was not anticipated in its constitution. This achievement was made possible by the labour and knowledge of thousands of enslaved . )arable land: 38.5% (2018 est. [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. Thermal plants provide electricity to the rest of the country. How to interpret the graph: The purpose of this graph is to take a snapshot of a country's economy in comparison to other economies. [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. Added to that, the value of the gourde (Haitian currency) is plummeting. Its GDP per capita (at purchasing power parity) stands at about $1,241, merely 2.5 percent of US GDP per capita. Comparative social and economic indicators show Haiti falling behind other low-income developing countries (particularly in the Western hemisphere) since the 1980s. Catholic 55%, Protestant 29%, Vodou 2.1%, other 4.6%, none 10% (2018 est. With a population of 10.12 million people, that translates to a GDP per capita of only $1,179 (at Purchasing Power Parity (PPP)). Although Haiti's economy was contracting and facing significant fiscal imbalances before the COVID-19 pandemic, its impacts triggered an even greater economic downturn. )imports of goods and services: -60.3% (2017 est. 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. )$2,900 (2019 est. )investment in fixed capital: 32.6% (2016 est. )crude oil and lease condensate imports: 0 barrels/day (2018 est. Caribbean, western one-third of the island of Hispaniola, between the Caribbean Sea and the North Atlantic Ocean, west of the Dominican Republic, total: 27,750 sq kmland: 27,560 sq kmwater: 190 sq km, total: 376 kmborder countries (1): Dominican Republic 376 km, territorial sea: 12 nmcontiguous zone: 24 nmexclusive economic zone: 200 nmcontinental shelf: to depth of exploitation, tropical; semiarid where mountains in east cut off trade winds, highest point: Pic la Selle 2,674 mlowest point: Caribbean Sea 0 mmean elevation: 470 m, bauxite, copper, calcium carbonate, gold, marble, hydropower, arable land, agricultural land: 66.4% (2018 est. More in Haiti Open For Business, Doing Business in . Port-au-Prince, May 29 (Prensa Latina) Haiti has been in recession for three years, and experts point out that recovery could be delayed as the country is going through a long period of political. ), electrification - total population: 39% (2019)electrification - urban areas: 60% (2019)electrification - rural areas: 12% (2019), installed generating capacity: 3.453 million kW (2020 est. Haiti is a free market economy with low labor costs and tariff-free access to the US for many of its exports. 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. )consumption: 3.341 million cubic meters (2020 est. 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 Haiti is a country on the island of Hispaniola in the Caribbean Sea. )services: 57.6% (2017 est. Haiti, once known as the Jewel of the Antilles, had developed an agricultural economy based on slave labour which produced sugar cane, coffee, cotton, tobacco, many exotic spices and the dye indigo, which were all in high demand throughout Europe and Asia. )industry: 20.3% (2017 est. Growth in both manufacturing and industry as a whole has been slowed by a lack of capital investment. Gold mining in the country has a long history, and it was widely mined by the Spanish during the colonial period. In 2001, 141,000 foreigners visited Haiti. Does Haiti have a good economy? Despite these challenges, Haiti has experienced some positive economic growth in recent years. Millions of Haitians have less income today than at the start of the COVID-19 pandemic, a new study by the World Bank and the United Nations Development Program found. Online Store ), improved: urban: 82.9% of populationrural: 42.6% of populationtotal: 65.6% of populationunimproved: urban: 17.1% of populationrural: 57.4% of populationtotal: 34.4% of population (2020 est. Hurricane Matthew, the fiercest Caribbean storm in nearly a decade, made landfall in Haiti on 4 October 2016, with 140 mile-per-hour winds, creating a new humanitarian emergency. The island was initially claimed by Spain, which later ceded the western third of the island to France. )imports: 3.341 million cubic meters (2020 est. Inflation has been steadily rising which, combined with a . During the early years of independence, Haiti's cohesion, autonomy, and finances remained precarious. Haiti: Economy Agriculture is the principal economic activity in Haiti. Haitian Economic History Authors: Matthew Cope CountryWatch Abstract Among all nations in the western hemisphere, Haiti struggles in several categories that measure quality of life, most. )transmission/distribution losses: 643 million kWh (2019 est. Haiti's taxes and tariffs historically exacted revenues from directly productive activities--mainly agriculture--and from international trade. The Haitian government encourages the inflow of new capital and technological innovations and has articulated a commitment to improve the business environment and attract foreign investors. )permanent pasture: 17.7% (2018 est. Property Rights 24.1 Create a Graph using this measurement, Judicial Effectiveness 18.6 Create a Graph using this measurement, Government Integrity 14.3 Create a Graph using this measurement. Since the 1991 coup, tourism has recovered slowly. 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. Tourism in Haiti is one of the most important industries in the country, and in 2012 there were just under 1 million tourists to the country. Five years ago, $1 US was equivalent to about 45 gourdes. Inadequate infrastructure, low investment and shortage of skilled labor have hindered the growth of the country's industries. )other: 30% (2018 est. 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. This led to a revolution that eventually resulted in independence in 1804. International sanctions culminated in the May 1994 United Nations embargo of all goods entering Haiti except humanitarian supplies, such as food and medicine. This revenue structure eventually created disincentives for the production of cash crops and other export products, while it stimulated the development of uncompetitive industries. Bauxite was mined for a number of years in recent times at a site near Miragone on the Southern peninsula. When President Aristide returned to Haiti, some improvements did occur in the manufacturing sector. )percent of population: 35% (2020 est. 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. )from petroleum and other liquids: 3.137 million metric tonnes of CO2 (2019 est. Two-fifths of all Haitians depend on the agricultural sector, mainly small-scale subsistence farming, which remains vulnerable to damage from frequent natural disasters. See how Haiti compares to another country using any of the measures in the Index. Boyer fled to Jamaica to avoid assassination. ), 3.139 million metric tonnes of CO2 (2019 est. Public debt is equivalent to 25.1 percent of GDP. Moreover, fuel price swings, the pandemic and natural disasters pose further downside risks. Over half of the world's vetiver oil (an essential oil used in high-end perfumes) comes from Haiti. )permanent crops: 10.2% (2018 est. ^These three form the SSS islands that with the ABC islands comprise the Dutch Caribbean, of which *the BES islands are not direct Kingdom constituents but subsumed with the country of the Netherlands. )63.34 (2015 est. ), fairly even distribution; largest concentrations located near coastal areas, lies in the middle of the hurricane belt and subject to severe storms from June to October; occasional flooding and earthquakes; periodic droughts, shares island of Hispaniola with Dominican Republic (western one-third is Haiti, eastern two-thirds is the Dominican Republic); it is the most mountainous nation in the Caribbean, 11,334,637 (2022 est. Haiti (/ h e t i / (); French: Hati; Haitian Creole: Ayiti), officially the Republic of Haiti (French: Rpublique d'Hati; Haitian Creole: Repiblik d Ayiti), and formerly known as Hayti, is a country located on the island of Hispaniola in the Greater Antilles archipelago of the Caribbean Sea, east of Cuba and Jamaica, and south of The Bahamas and the Turks and Caicos Islands. [5], 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. Additionally, agricultural potential for domestic and export markets is promising and an important driver of growth. Haiti's data is highlighted in the table below . Only a quarter of its children attend school. Read more about Haiti Economy. Bananas, cocoa, and mangoes are important export crops. 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).

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