Haiti - Economy : Impacts of remittances from diaspora on the national economy

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Haiti - Economy : Impacts of remittances from diaspora on the national economy
04/04/2017 11:36:29

A conference organized at the end of March by the Economic and Social Development Council (CDES), on the theme : "Haiti, remittances, impacts on the national economy", was the occasion for of experts, to conduct analyzes of remittances rom outside to Haiti and vice versa. Different topics were debated, including: Incoming and outgoing flows: components and destinations, Impact of remittances on the national economy and an analysis of remittances from the perspective of the different political structures of the country. Several points are to remember from this conference including :

Remittances from the Diaspora have been rising steadily for 20 years, rising from US $ 2.195 billion in 2015 to $ 2.358 billion in 2016, an increase of 7.4% according to preliminary data provided by the BRH and could reach, an estimated 2.7 billion or 29.2% of GDP in 2020;

The massive illegal emigration of Haitians to North America, the Caribbean and South America coincides with the increase in remittances;

Louis Naud Pierre, General Coordinator of the CDES revealed that studies show that the more people makes advanced education and occupying important positions outside the country and the less they send money to Haiti;

Fritz Duroseau, member of the Board of Directors of BRH, presented the impact of diaspora remittances on the macroeconomic framework. He believes that these remittances have a positive influence on the exchange rate and inflation, but a negative influence on economic growth, as these transfers finance imports. Jean Baden Dubois, the Governor of the Bank of the Republic of Haiti (BRH), commented on the latter point: "Apart from the construction of residences, the acquisition of farm tools and other production tools, remittances from diaspora finance more and more imports of food or clothing at the expense of local production";

Governor Dubois raised the important level of Haiti's remittances to the outside world, to finance education, noting that the dynamism of the transfers to the outside, contributes to a real brain drain. Recalling that Haiti has students in universities in many countries, besides the Dominican Republic, they are found in North America, Europe, Chile and other countries. According to the BRH, more than 300 million dollars left Haiti in 2016 to finance these studies including 21 million in the neighboring Republic.

PI/ HaitiLibre