chief of mission: Ambassador Janet A. SANDERSON embassy: Tabarre 41, Route de Tabarre, Port-au-Prince mailing address: use mailing address telephone: [509] 229-8000 FAX: [509] 229-8028
Flag description:
two equal horizontal bands of blue (top) and red with a centered white rectangle bearing the coat of arms, which contains a palm tree flanked by flags and two cannons above a scroll bearing the motto L'UNION FAIT LA FORCE (Union Makes Strength)
Economy
Haiti
Economy - overview:
Haiti is the poorest country in the Western Hemisphere, with 80% of the population living under the poverty line and 54% in abject poverty. Two-thirds of all Haitians depend on the agricultural sector, mainly small-scale subsistence farming, and remain vulnerable to damage from frequent natural disasters, exacerbated by the country's widespread deforestation. A macroeconomic program developed in 2005 with the help of the International Monetary Fund helped the economy grow 3.5% in 2007, the highest growth rate since 1999. US economic engagement under the Haitian Hemispheric Opportunity through Partnership Encouragement (HOPE) Act, passed in December 2006, has boosted the garment and automotive parts exports and investment by providing tariff-free access to the US. Haiti suffers from high inflation, a lack of investment because of insecurity and limited infrastructure, and a severe trade deficit. In 2005, Haiti paid its arrears to the World Bank, paving the way for reengagement with the Bank. The government relies on formal international economic assistance for fiscal sustainability. Remittances are the primary source of foreign exchange, equaling nearly a quarter of GDP and more than twice the earnings from exports.
GDP (purchasing power parity):
$11.38 billion (2007 est.)
GDP (official exchange rate):
$5.435 billion (2007 est.)