Economics Of Haiti Essay

2927 words - 12 pages

The economics of Haiti has deceased in the last 4 years after the devastating earthquake that struck it 4 years ago. The Haiti economy has become very poor and one of the poorest country in the south, Central America and Caribbean region making it ranked 24 out of 29 countries in this area and its overall score is below average. Haiti’s economic freedom is 48.1 making it economy the 151st freest country while in the last several years Declines in the management of government spending, freedom from corruption, and labor freedom make its overall score 2.6 points lower than last year. Recovering from the disastrous earthquake in 2010 with the support of the U.S. recovering efforts “Haiti’s post-earthquake reconstruction efforts continue, assisted by substantial aid from the international community. Governing institutions remain weak and inefficient, and overall progress has not been substantial. The parliament has not renewed the mandate of the Interim Haiti Recovery Commission, which had been tasked with overseeing reconstruction efforts but was unpopular.”( .heritage.org). The open market of Haiti trade weighted to be 2.1 this is because the lack of tariffs hamper the trade freedom of Haiti. Foreign investors are given national treatment but the investment is small and the financial sector is remained underdeveloped and does not provide any adequate support.
Compare to the economy of other countries like Australia Haiti is seen to be inferior after it’s natural disaster. The economy of Australia with a trade freedom of 86.2, investment freedom 80.0 and a financial freedom 90. It’s currently the 3rd freest country in the world with a score of 82.6 in the 2013 index making it a strong economy despite being an island country. “Its overall score is 0.5 point lower than last year, with score gains in freedom from corruption and business freedom offset by declines in labor freedom and the management of government spending”( heritage.org). All these factor are reasons why Australia is ranked 3rd out of the 41 countries or islands of Oceania or the Asia pacific region of the world. Australia values its economy and as a result a strong framework was developed that encourages an impressive economic resilience and ensures a strong protection of right of properties. Trade in Australia is globally open and its investment is firmly institutionalized. The trades are not restricted because of low tariffs as a result of trade agreements and unilateral trade cuts. Foreign investments receives an equal treatment. All banks are privately owned since late 2010, banking reforms have fostered transparency and competition in the sector.
The export and imports for Haiti: exports oil, cocoa, coffee, Mango, 70% of these is directed toward the united states, 9% to the Dominican republic, 3 % to Canada. Other exports from Haiti to the U.S is cotton apparels these are dominant in Haiti exports. Haiti imports include food, machinery, manufactured goods, raw materials, fuel...

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