Economic Outline

flag Haiti Haiti: Economic Outline

Economic Indicators

For the latest updates on the key economic responses from governments to address the economic impact of the COVID-19 pandemic, please consult the IMF's policy tracking platform Policy Responses to COVID-19.

Haiti is among the poorest countries in the world. Its economy, essentially based on agriculture, is very vulnerable to climatic hazards. Two-fifths of Haitians depend on the agricultural sector, mainly small-scale subsistence farming. The country is also highly dependent on international aid and remittances from the diaspora. According to the IMF, Haiti registered a negtive GDP growth of -1.7% in 2022, but it is expected to increase to 0.3% in 2023 and 1.2% in 2024, mainly boosted by remittances from expatriates in the U.S. - which currently contributes over 20% to Haiti's GDP.

In 2022, the recession that stemmed from the political crisis of 2018 and the climatic hazards of 2019 persisted, owing in part to the low vaccination rate against Covid-19 and the worsening insecurity following the assassination of President Jovenel Moïse in 2021. According to the IMF, gross debt slightly decreased to 25% of GDP in 2022 and is projected to reach 20.3% in 2023 and 19.9% in 2024. The budget balance closed at -2.3% of GDP in 2022 and is projected to reach  -0.8% in 2023 and -0.5% in 2024. As for inflation, the IMF calculated a 27.6% rate in 2022 that is expected to increase to 44.5% in 2023 before decreasing to 13.7% in 2024. Haiti is considered the poorest country in the Western Hemisphere, and poor infrastructure, drug trafficking, organised crime, social unrest, political instability, and large-scale deforestation are the main obstacles to growth. In September 2022, the government eliminated fuel subsidies to fund the country's reconstruction, improve general infrastructure and support agriculture and rural development. However, the discontinuation of such subsidies, coupled with the ongoing government monetary financing, is expected to sustain price hikes.

The unemployment rate stands at 14.5% as of 2020 (World Bank). Poverty is widespread in the country as 70% of the population lives with less than USD 2 per day and 50% with less than USD 1 per day. Unemployment and under-employment affect 60% of the population, but the informal sector represents 80% of total employment. More than 96% of the population is exposed to natural disasters such as hurricanes, floods and earthquakes.

 
Main Indicators 20222023 (E)2024 (E)2025 (E)2026 (E)
GDP (billions USD) 20.5425.9928.0530.0032.03
GDP (Constant Prices, Annual % Change) -1.7-1.51.41.51.5
GDP per Capita (USD) 1,7022,1252,2632,3892,517
General Government Gross Debt (in % of GDP) 23.919.618.618.217.9
Inflation Rate (%) n/a43.613.412.611.5
Current Account (billions USD) -0.46-0.77-0.64-0.53-0.40
Current Account (in % of GDP) -2.3-2.9-2.3-1.8-1.2

Source: IMF – World Economic Outlook Database - October 2021.

Note: (e) Estimated Data


 
Monetary Indicators 20152016201820192020
Haitian Gourde (HTG) - Average Annual Exchange Rate For 1 MUR 1.451.782.002.372.54

Source: World Bank - Latest available data.

 

Main Sectors of Industry

 
Breakdown of Economic Activity By Sector Agriculture Industry Services
Employment By Sector (in % of Total Employment) 45.6 12.4 42.0
Value Added (in % of GDP) 20.3 29.3 48.2
Value Added (Annual % Change) -4.5 -0.4 -1.6

Source: World Bank - Latest available data.

 

The Active Population in Figures

201820192020
Labour Force 5,044,2015,152,8764,972,457

Source: International Labour Organization, ILOSTAT database

 
201720182019
Total activity rate 68.42%68.68%68.93%
Men activity rate 72.30%72.50%72.86%
Women activity rate 64.70%65.01%65.16%

Source: International Labour Organization, ILOSTAT database

 

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Indicator of Economic Freedom

Definition:

The Economic freedom index measure ten components of economic freedom, grouped into four broad categories or pillars of economic freedom: Rule of Law (property rights, freedom from corruption); Limited Government (fiscal freedom, government spending); Regulatory Efficiency (business freedom, labour freedom, monetary freedom); and Open Markets (trade freedom, investment freedom, financial freedom). Each of the freedoms within these four broad categories is individually scored on a scale of 0 to 100. A country’s overall economic freedom score is a simple average of its scores on the 10 individual freedoms.

Score:
50,8/100
World Rank:
155
Regional Rank:
28

Economic freedom in the world (interactive map)
Source: Index of Economic Freedom, Heritage Foundation

 
 

Country Risk

See the country risk analysis provided by Coface.

 

Indicator of Political Freedom

Definition:

The Indicator of Political Freedom provides an annual evaluation of the state of freedom in a country as experienced by individuals. The survey measures freedom according to two broad categories: political rights and civil liberties. The ratings process is based on a checklist of 10 political rights questions (on Electoral Process, Political Pluralism and Participation, Functioning of Government) and 15 civil liberties questions (on Freedom of Expression, Belief, Associational and Organizational Rights, Rule of Law, Personal Autonomy and Individual Rights). Scores are awarded to each of these questions on a scale of 0 to 4, where a score of 0 represents the smallest degree and 4 the greatest degree of rights or liberties present. The total score awarded to the political rights and civil liberties checklist determines the political rights and civil liberties rating. Each rating of 1 through 7, with 1 representing the highest and 7 the lowest level of freedom, corresponds to a range of total scores.

Ranking:
Partly Free
Political Freedom:
5/7

Political freedom in the world (interactive map)
Source: Freedom in the World Report, Freedom House

 

Indicator of Freedom of the Press

Definition:

The world rankings, published annually, measures violations of press freedom worldwide. It reflects the degree of freedom enjoyed by journalists, the media and digital citizens of each country and the means used by states to respect and uphold this freedom. Finally, a note and a position are assigned to each country. To compile this index, Reporters Without Borders (RWB) prepared a questionnaire incorporating the main criteria (44 in total) to assess the situation of press freedom in a given country. This questionnaire was sent to partner organisations,150 RWB correspondents, journalists, researchers, jurists and human rights activists. It includes every kind of direct attacks against journalists and digital citizens (murders, imprisonment, assault, threats, etc.) or against the media (censorship, confiscation, searches and harassment etc.).

World Rank:
87/180

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Sources of General Economic Information

Useful Resources
Ministry of Economy and Finance (in French)
Ministry of Commerce and Industry (in French)
Ministry of Foreign Affairs and Worship (in French)
Ministry of Public Works, Transport and Communications
Center For Facilitation of Investments
Bank of the Republic of Haiti
 
 

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Latest Update: November 2023