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Haiti - Recession : Haiti's economy in free fall, -10.5% of GDP in total over 5 years
03/01/2024 10:46:54

The growing increase in violence, kidnappings and deaths caused by members of the nearly 300 gangs that control 80% of the capital Port-au-Prince, has not only negatively affected Haiti in 2023, but also the performance of its economy , whose production fell again for the fifth consecutive year.

The report, from the Office of the United Nations High Commissioner for Human Rights and the United Nations Integrated Office in Haiti (BINUH), Volker Türk, https://www.haitilibre.com/en/news-39508-haiti-crisis-un-independent-experts-urge-the-haitian-government.html reveals that at least 3,960 people have been killed, 1,432 injured and 2,951 kidnapped in gang-related violence this year alone [i.e. 1 Haitian killed every 2 hours]...

At the same time, the Haitian Institute of Statistics and Informatics (IHSI) reports that in 2023 the gross domestic product (GDP) of Haiti (592.700 billion gourdes or ± 4 billion 482.08 million dollars) has plunged again of -1.9%.

5-year retrospective of GDP in Haiti:
2019 -1.7%
2020 -3.3%
2021 -1.8%
2022 -1.7%
2023 -1.9%

Or -10.4% in total over 5 years

In addition, Haiti displays double-digit inflation of 22.8% year-on-year https://www.haitilibre.com/en/news-41090-haiti-economy-sharp-acceleration-in-inflation-+-34-in-1-month.html (November 2023), one of the highest rates on the American continent (dominated by Venezuela 182%). Haiti ranks in the TOP 15 countries with high inflation globally.

The suspension of border trade for nearly 50 days, between September 13 and October 31, 2023, partly represents an impact on the Haitian economy, because the Dominican Republic is Haiti's second trading partner after the United States. During the 7 weeks of closure ProDominicana estimates revenue losses at $140 million.

S/ HautiLibre