economy - Haiti Observer Blog

Good news for Haiti's economy surfaced this month, when the UN issued its United Nations Annual World Economic Situation and Prospects (WESP) report. Haiti's economy is projected to grow at 4.5% in 2014, up 1% from 2013 figures (3.5%). Guyana is estimated to experience the same rate of economic growth, down 1% from 2013 figures (4.6%). Other CARICOM nations lag, with Trinidad and Tobago at 2.5% for 2104; Jamaica at 1.2%; and Barbados at 1%.

Generally in the Caribbean, economic growth is estimated at 3.3% for 2014, up from 2.4% in 2013.

The WESP report indicates an uptick in South American and Caribbean economies at 3.6% and 4.1% in the same order for 2014 and 2015.

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On November 27, 2013, Pope Francis, the 266th and current Pope of the Catholic Church has taken aim at capitalism and termed it as theft unless wealth is shared with poor. In an 84-page document, he has urged that to save the economy, the world leaders should intensify their efforts to fight against poverty and inequality.

Rich people should share their wealth with the poor. Pope Francis also warned that the present financial system supports uneven distribution of wealth; people are becoming aggressive, corrupted, and heartless. They always want to accumulate more for own. Nobody cares when a homeless aged person dies carelessly but if the stock market loses two points it becomes a sensational news.

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The preliminary estimate of "Economic Accounts 2013" by Haitian Institute of Statistics and Informatics (IHSI) has revealed that the Gross Domestic Product (GDP) in Haiti has increased in volume by 4.3% to 48%. The previous year the same increase rate in volume was by 2.3% and that was corresponded by a revised GDP growth rate of 3.4% measured in the middle of the year. The projected growth rate for 2012 was estimated at 6.5% earlier. Every sector in the country has contributed positively with additional growth towards country's GDP.

The agricultural sector has contributed additional 4.6% by value against 1.3% in 2012. The building and public works which consists the works of reconstruction of public buildings, major infrastructure and certain private sector initiatives have also added 9% more. The catering and hospitality sectors have added 5% value. Other industries, although have smaller contribution in GDP, have shown upward trend. The domestic consumption in the year 2012 was less by 5% over its previous year and that too had experienced an increase in volume by 2.8% in 2013. This was the result of foreign remittances by the migrant citizens and transfers by government to the households in cash and kind. Last year, the country enjoyed a stable business environment and the economy was further boosted by government spending.

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Haitian's can benefit from a small, yet sizeable gift this holiday season of a significantly lowered rate of inflation as well as the most auspicious level of stability in the field of macro-economics. The bearer of this good news was the 24th Government Council which was held recently under the chairmanship of the country's Prime Minister, Laurent Lamothe.

Based on the theme, 'Fight against Corruption and Smuggling; Current Status and Perspectives', the council's meeting was the place to reveal the 4.5% decline to the rate of inflation and the stability of the country's macro-economy, progress that are in thanks to reforms of the economy, public finances and also the government's rationalized spending.

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And the, if not good then, hopeful news keeps on coming. Information coming from the Haitian Institute of Statistics and Informatics (IHSI) along with the Ministry of Economy and Finance shows there has been a registered increase of 6.4% of the index of industrial production. Baldly put, the Haitian gross domestic product has risen.

Detailed in the Q4 2012 to 2013 publication for July through to September, the results also showed a 2.5% increase of the quarter before. The increase is also backed by data from the International Monetary Fund (IMF), which is slightly up from the forecast made earlier in June of 2013 which put the growth percentage at only 3.4%.

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Investment and modernization are the two main keywords for economic development in Haiti. However, improving foreign direct investment and creating permanent employment in Haiti is not as simple as it sounds. The real unemployment rate at Haiti was never properly assessed. Among the unemployed, there are many adults who do not have any formal identification documents. There is no exact statistical data on the total size of Haitian labor force.

Many still consider investment in Haiti is a risky proposition. Political climate is not favorable, enacting new law in the country is almost impossible, transparency is rare, cost of transportation and energy is too high, goods remain static in the customs unnecessarily, ports are not work-efficient, and there are many more displeasing reasons.

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Latin America and Caribbean region are both now moving on a path of high economic growth and they are capable to manage risks of economies plummeting for sustaining stable financial economic environment. As per a recent statement of Alejandro Werner, who is the Director of the Western Hemisphere, Department of the International Monetary Fund, although the recovery process in the region is not very fast but has been observed to remain positive.

While attending a forum organized by Latin Trade Group, Alejandro Werner alerted concerned nations to remain prudent. Because there are many obstacles to retard the development-- high fuel prices, slowdown of Chinese economy, changes in U.S. policy which may have negative effect on the region's fragile economy. The countries should recognize good opportunities and reap benefits with right fiscal or monetary measures.

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Should Michel Martelly say: Yap Rablabal, map travail? If you look at the latest data coming from the International Monetary Fund, you would say that he is right.

based on the latest information from the International Monetary Fund, Haiti's gross domestic product grew in the 2013 fiscal year by almost 4 percent. This is preliminary information that will be verified after the entire year is over. This is better than expected as the International Monetary Fund projected the growth at 3.4 percent as late as last June of this year.

Si se konsa, anbin bagay yo pa pi mal!

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The government of Haiti (GOH) is always looking for new ways to grow its economy. Of the sectors of tourism, agriculture, and manufacturing, most of its time and money has been spent on attracting tourist dollars. Now the question posed by the GOH is, can a newly-created sports sector revive the Haitian economy?

In response, GOH ministries and other government departments are holding the 1st Sport Business Forum at the Petion-Ville Royal Oasis Hotel. The forum will convene sports executives and former and current players in professional sports: National Basketball Association (NBA), National Basketball Retired Players (NBRPA), and Harlem Globetrotters.

Besides participating in the forum, the NBRPA are touring as Legends of Basketball. They will visit hospitals and healthcare clinics in the poverty-stricken Central Plateau Region. They are partnering with Medishare, which is committed to offering a full complement of healthcare services in the area.

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The government of Haiti (GOH) has allocated funding to General Administration of Customs (AGD) for recruitment of patrol agents. The first class of 125 graduated in June 2013. The graduation ceremony was held at Royal Oasis Hotel with Prime Minister Lamothe; Economy and Finance Minister Laleau, and AGD Director Jean-Baptiste present. Lamothe encouraged the graduates to represent GOH with ". . . patriotism and professionalism" as they carry out their duties.

GOH recognizes they must provide support to the AGD to defeat smuggling and bring in more customs revenue. Lamothe said the patrol agents are to serve two purposes: one, protect the borders from smuggling activities, and, two, reassert the sovereignty of GOH.

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