iciHaiti – Diaspora: Remittances represent 20% of Haiti’s GDP
06/05/2024 09:04:20
The Bank of the Republic of Haiti (BRH) estimates that the flow of remittances from the diaspora, equivalent to 20% of the Gross Domestic Product (GDP), has been vital in supporting the economy.
In 2023 these transfers amounted to $3.28 billion, a slight decrease of $129.8 million (-3.8%) compared to the $3.41 billion of the previous year due to a timid reactivation of economic activities in the main countries which provide transfers.
In this context, according to the BRH, dollar deposits in commercial banks increased by 23.4% between 2021 and 2023, which reinforces the link between political and social instability with the distrust of economic agents.
According to the entity, deposits in convertible currencies between 2021 and 2023 represent approximately 3.6 billion US dollars.
“For several decades, transfers from the diaspora have constituted a considerable economic contribution to Haiti. It should be noted that members of the diaspora, notably those from Chile and Brazil, have probably contributed to strengthening the weight of this source of foreign exchange.
However, the BRH affirms that the dependence of a considerable part of the population on remittances reflects the deterioration of the economic and socio-political situation in Haiti observed in recent years.
For the BRH, this is an essential economic contribution for expenditure linked to consumption, education, housing and health. She emphasizes that this is the main source of foreign currency for the Haitian economy and that the amounts received are greater than public transfers, direct investment flows and exports.
S/ iciHaïti
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