As of January 7, 2025, Haiti's economy is grappling with persistent multidimensional shocks that are adversely affecting all sectors. The Central Bank of Haiti has projected a 4% contraction in GDP for the 2023-2024 fiscal year, marking the sixth consecutive year of economic decline. This downturn is compounded by ongoing security issues and climatic shocks that have severely impacted agricultural performance. [b9e5dfe0]
Inflation rates have shown a slight decrease, falling from 29.2% in June 2024 to 27.9% in September 2024; however, the overall economic environment remains precarious. The agricultural sector, which is vital for the country's economy, continues to suffer due to forced displacements and adverse weather conditions, further straining food security and livelihoods. [b9e5dfe0]
Looking ahead, achieving revenue targets for the 2024-2025 budget is deemed crucial for maintaining zero monetary financing, which is essential for stabilizing the economy. The outlook for the upcoming fiscal year heavily relies on global macroeconomic conditions as well as improvements in Haiti's security situation, which has been a significant barrier to economic recovery. [b9e5dfe0]