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Haiti - FLASH : The country is sinking into a 4th year of recession
11/08/2022 10:54:08

Haiti - FLASH : The country is sinking into a 4th year of recession
In his framework letter for the 2022-2023 draft budget addressed to all the authorizing officers of the institutions of the State administration, the Prime Minister a.i. Ariel Henry, indicates that the country will experience a fourth consecutive year of economic recession.

Excerpts from the framework letter of Prime Minister a.i. Henry :

"[...] Despite the fact that the first months of the 2021-2022 fiscal year confirmed our hopes of stabilization to reconnect with positive growth, Haiti will record for the 4th consecutive year a negative growth rate, it will not be able to therefore to emerge from the economic recession. The growth rate of the economy should reach -0.4% against an initial projection of +0.3% (framework letter April 2022 https://www.haitilibre.com/docs/lettre-cadrage-du-projet-de-budget-2021-2022.pdf )"

"[...] The repeated decline in Gross Domestic Product (GDP) will also be accompanied by a high level of inflation https://www.haitilibre.com/en/news-37369-haiti-flash-inflation-accelerates-and-reaches-29.html […] This acceleration observed both on the prices of imported products and on those of local products, is mainly explained by the rise in world prices of basic products, in particular that of energy, fact of the war in Ukraine as well as the depreciation of the Gourde [130.93 Gdes for 1$US, August 11, 2022] and the disruption of local market supply circuits [...]"

"[...] The situation of public finances remains most worrying https://www.haitilibre.com/en/news-37307-haiti-economy34-billion-deficit-for-the-first-3-quarters-2021-2022.html and calls for everyone's responsibility. Our country is one of the worst performers in the world when it comes to revenue mobilization. The implicit tax pressure rate fluctuates around 6% against an average of 23% for the Latin America and Caribbean region. Corruption, the significant weight of the informal sector, smuggling, the delay in the digitization of our tax and customs administrations, the low level of tax compliance among taxpayers are all factors that explain our poor tax performance [...]"

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