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economy - Haiti Observer Blog

economy, Haiti Observer Blog. Read the following articles about economy


 

After Slave Revolution, Haiti now needs Business Revolution

Haiti is today standing at the crossroads. One path leads to complete humiliation and dependence on foreign countries and the other is of economic independence and sustainable growth. Several factors will together determine the fate of Haiti in the long run. Let us take a quick look at the aspects that can lead to development of Haitian economy.

• Haiti requires entrepreneurial revolution and for that the first step will be to build roads, improve electrical grids and develop other national infrastructure. Simultaneously, Haitians should be trained to maintain these new developments. Once the infrastructure is developed, the path for private investment opens up. This basic framework development is possible only with foreign aid. Haitian government on the other hand has to work closely with foreign investors and accept strict foreign vigilance at initial stages and prove that it is capable of managing FDI with minimum impact of corruption. The strict vigilance will gradually decrease and the government will have more flexibility to manage FDI that suits Haiti's needs.

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US Program Failed To Award Loans to Intended Targets in Haiti

U.S. Agency for International Department (USAID) started a program that aimed towards boosting up the economy of Haiti through targeted loans to Haitian business units. It has been found in an audit that program failed as the intended targets did not receive the loans, workers were not trained properly and there was no systematic record maintenance. The Office of Inspector General of USAID released the audit report towards the end of February. The aim of this audit was to find out whether areas like waste management, handicrafts, tourism, construction and agriculture were benefited through the promotion of lending practices.

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The Role of Women Madan Sara in Haitian Economy

Ornithologists study birds; but in the case of Haiti's most celebrated bird, the Madan Sara, a science of a different kind is needed. It has long been the view of anthropologists that the women who take their name from the birds purported to be quite boisterous in their noise-filled lives are critically involved in the Haitian system of marketing.

The statistics are glaring; 70% of the workers in the commercial sector and assembly industries are women. In the agricultural sector they're just shy of equaling men at 49%. As the responsible party in most households for the wellbeing and education of the children, women have a struggle to provide their families with life's necessities. As a Madan Sara (twin to the 'market mammy' of West Africa), some women find a foothold as the spoke in the agricultural industry that makes the whole sector work.

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Haiti to Post Caribbean's Fastest Growth in 2013

The past few years have been very promising for the island country of Haiti, despite the 7.0 magnitude earthquake that occurred about three years ago. It is actually one of the fastest growing economies in the region, thanks to the recent efforts of the Haitian government and the international community.

In a recent report published by the United Nation's Economic Commission for Latin America and the Caribbean (ECLAC), Haiti will be the leading and fastest-growing economy in the Caribbean in terms of GDP growth which is projected to increase by 6% by the year 2013. It was also supposed to be at the number one spot for 2012 with an initial estimate of 6% growth earlier in the year, but was decreased to a 2.5% growth by the ECLAC, as well as the International Monetary Fund (IMF), due to the bad effects of the major storms that hit the country this past year. Back in 2011, Haiti's GDP grew by 5.6%.

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Air Caraibes launches tourist destination, a Discovery Pack "Haiti Cherie"

Air Caraibes has noticed that Haiti hides a number of potential tourist destinations. It is home to the most scenic views and the most breath-taking beaches n the Carribean. That is why Haiti's Ministry of Tourism has recently joined forces with the public and private tourism institutions in Guadeloupe and Martinique, as well as the commercial airline Air Caraïbes, to inform the rest of the world of Haiti's potential as a major tourist spot in the South Americas. Through the efforts of current Haiti Minister of Tourism Stéphanie Balmir Villedrouin in arranging several negotiations with the public-private sectors, Haiti's economy is expected to improve as the planned tourism strategies are being expected to attract thousands of tourists from the United States, Canada, France, and even several Asian countries.

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Importance of Haitian Diaspora to Haitian Economy

The Haitian Diaspora has a vital role in helping Haiti revitalize its economy. One of its contributions is to Haitian families, overwhelmingly poor and dependent on remittances to provide for themselves.

Education is another area in which monetary support of the Diaspora is needed. Remittances have been estimated at up to 30% of Haiti's gross domestic product, essential to President Martelly's push to offer free public education to all Haitian children. He wants to tax wire transfers that could amass a broad projection of $50 million upward. The only obstacle is having enough political capital, ensuring the Diaspora will send money through wire transfers instead of other means.

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The Power of the Haitian Diaspora

Haiti needs help from the most powerful source of financial resources, its Diaspora.

The Diaspora, dispersed throughout many countries, has the largest population living in the U.S., at 2.5 million plus residents. Its remittances to Haitian families, most of whom are desperately poor, totals up to around one billion annually, 25% of Haiti's gross domestic product (GDP). To give an idea of the significance of remittances, they exceed the GDP's annual foreign direct investment and export revenue.

The Diaspora is flush with not only huge cash reserves, but with potential investors, business partners, and innovators. The educated class of the Diaspora includes people with advanced degrees in law, education, medicine, science, and information technology, as well as business. Their brain trust is powerful and multi-faceted.

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Haitian Diaspora Remittance Helps Haiti and U.S. Economies

Many Haitian Diaspora living in states like Florida, New York and Massachusetts send money to their families in Haiti with regularity. The recipients of these remittances are overwhelmingly poor. With their remittance income, they spend for the basics, which mean shelter, food staples, articles of clothing, and medicines. These people live well below the poverty line by any standard and 55% of them have no other income to depend on.

Since the 2010 earthquake toppled Haiti, the country's economy has depended heavily on receiving remittances from the Haitian Diaspora. With about one in five families receiving remittances from relatives, Haiti's Central Bank estimates the Diaspora sends around one billion yearly to Haiti. This figure adds up to more than 25% of Haiti's Gross Domestic Product (GDP), and exceeds its annual foreign direct investment and export revenue.

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The Importance of Gross Domestic Product

Haiti Business

The gross domestic product (GDP) is a measurement of how healthy the economy is. The GDP is made up of income and spending totals. The rate is calculated either annually or quarterly, as compared to the previous year or quarter. For instance, if the quarterly GDP is up 1.5%, this means a 1.5% growth in the economy over the last quarter.

The GDP formula is too complex to explain, but it can be simplified for discussion's sake. Calculation occurs by one of two methods. The income model totals annual workers' wages, or the spending model totals annual consumer spending. When both models' totals are compared, they should approximate the same figure.

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Kesner Pharel AKA "Roro", a reference for economic studies

Renaissance businessman, Growth Group CEO Kesner Pharel is keen to endorse Haiti's positive strides to becoming a world tourism destination once more, following the earthquake on January 12, 2010. As part of a panel recently discussing the relisting of the nation on the destinations map of the world at a press conference, Pharel shared the spotlight with Haitian Minister of Tourism, Stephanie Balmir Villedrouin, and Pierre Chauvet, Tourist Association of Haiti (ATH) representative.

The panel discussed the country's inclusion on the WEF (World Economic Forum) list and put it into perspective as an indication of Haiti's resumption of forward momentum. They also enumerated the steps taken to achieve such progress and discussed those necessary for continued growth going forward. So far, the airport construction at Les Cayes and Cap-Haitien has played major roles in facilitating the growth, as well as other changes in standards and quality regulations in the sector. Travel packages with international airlines are underway and the building of hotel schools will make a solid investment in the hotel industry within the country.

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