It has been 5 years since Haiti was struck with one of the worst earthquakes in recent times. The country has been trying to bounce back from the devastation and finally the government is saying Haiti is open for business. Foreign investment is a major focus right now for Haiti, as its aid from around the world is starting to dry up. Many international investors are expressing great interest in Haiti, specifically in the telecommunications, manufacturing, and beverage industries.
globalEDGE Blog - By Tag: haiti
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Five years later, the devastation of the Haiti earthquake can still be felt throughout the country. Cities are densely packed and the construction of new buildings is progressing slowly after approximately $8 billion in damages were done to the city, leaving about 1.5 million people homeless. Although $9 billion was pledged in relief money, about 3 times Haiti’s annual budget, unemployment and corruption are still extremely common throughout the country. In order to continue the process of recovery, Haiti will need more than just philanthropic efforts. Improvements in the education system, business environment, and infrastructure through increased foreign direct investment and aid will play a key role in Haiti’s eventual economic revival.
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Policy makers around the globe have all consistently attempted to solve the answer to one riddle: what makes a country wealthy? Every national policy maker in the world is attempting to advance the economic wellbeing of their country. Often, the question is posed as “what makes a country poor” in order to try to find some possible remedies. For instance, why haven’t Canada or Mexico reached the same level of GDP as the US? Why is Egypt much more developed than its neighbors of Libya and Sudan? The answers to these questions have varied from the degree of market freedom (Adam Smith) to overpopulation (Thomas Malthus) to a country’s natural resources (Jeffrey Sachs).
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After the devastating earthquake in Haiti this January, a global effort has been made to rebuild the country. The hospitality that was shown to the hurting country has been inspiring. Haiti is certainly still working to rebuild its country, but luckily people around the world are seeking to help create a better economy for this small country.
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Business is booming for suppliers of basic materials, food and medical supplies. Due to the earthquake disaster in Haiti, businesses around the world are seeing huge spikes in sales thanks to relief funds coming from the around the world. Rebuilding infrastructure is a significant component to disaster relief, but so is rebuilding local economies.
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With the earthquake disaster in Haiti a few weeks ago, a tremendous outpouring of various forms of aide from around the world has been deployed to the country. Organizations and individuals alike have devoted financial and human resources to help get the country back on its feet. In light of the disaster, technology has come to the forefront and demonstrated the power of world networks. In this case, the use of technology has been paramount in raising financial support for the disaster.