Haiti - Economy : Haitian businessmen have invested over $200 million in the DR - HaitiLibre.com : Haiti news 7/7
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Haiti - Economy : Haitian businessmen have invested over $200 million in the DR
30/05/2022 10:12:11

Haiti - Economy : Haitian businessmen have invested over $200 million in the DR
With the ransoming of industry and businesses, gangs have become one more obstacle to the recovery of the Haitian economy, in recession since 2019 and which could grow according to the Haitian government's optimistic forecasts of 0.3% this year. .

"More and more companies in difficult areas of great violence are closing their stores, leaving behind more and more unemployed people," said economist Etzer Emile.

An economic collapse in Haiti which largely benefits the Dominican Republic.

"Several dozen Haitian businessmen have migrated to the Dominican Republic, and in Haiti they are just keeping their businesses afloat," laments businessman Grégory Brandt, President of the Franco-Haitian Chamber of Commerce and Industry (CFHCI) estimating "During the current fiscal year (2021-2022), these businessmen have invested 250 million dollars in the Dominican Republic."

Undermined by crime, government subsidies, the global increase in fuel prices and that of pump prices that the Haitian State decided in December 2021 https://www.haitilibre.com/en/news-35425-haiti-flash-fuel-prices-will-explode-at-the-pump-official.html the Haitian economy is now on the verge of imploding trained in the turmoil of the consequences of the sanctions linked to the war in Ukraine

Economist Kesner Pharel recalls that Haiti imports 5 times more food than it exports, and rising transport costs exacerbate inflation, which reached 25.9% in March 2022 https://www.haitilibre.com/en/news-36701-haiti-economy-inflation-at-the-26-threshold-up.html estimating "We will suffer from imported inflation because our main trading partners, the United States and the Dominican Republic, now also have high inflation : we could reach 30% this year..."

The specter of the 2008 food riots hangs over Haiti while wheat prices are also rising due to the war between Russia and Ukraine, 2 countries which represent 30% of world wheat exports... "A situation that begins to affect the entire production of industrial products derived from wheat in Haiti, such as flour or pasta, which have already experienced, since the beginning of this war, an increase of more than 30%", underlines the economist Etzer Emile, which recalls the dependence of Haiti, which imports twice as much rice, wheat and corn as it produces locally.

SL/ HaitiLibre

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