Haiti's Economy Making Steady Progress

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%.

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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.

The reasons for significant growth in 2014 and 2015 are due to solid macroeconomic policies, persistent domestic demand, and steady economic recovery in developed nations. However WESP cautions economic growth in the Caribbean and South America is tied to growth in slower-growing economies like Europe and the U.S., which have slowed their pace.

The downside to growth experienced in the Caribbean and South America in 2013 is it was uneven. South America's gross domestic product led with 3.2% in 2013, over 2.5% in 2012. Comparatively, Mexico and Central America's economies dropped to 1.5% in 2013, from 4% in 2012.

Although Haiti's prospects for economic growth look bright, one must ask, who is benefiting from a strengthening economy? Certainly not in Ménard, which lacks sanitation, schools, dependable electricity service, and a reforestation project failing miserably.

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