The Haitian economy has struggled to recover since the devastating 7.0 magnitude earthquake that destroyed much of Port-au-Prince and neighboring areas in 2010. Though GDP growth rose to 5.5% in 2011, it has significantly slowed in more recent years. Nevertheless, extreme poverty has fallen from 31 to 24%, primary school participation rates have risen from 78 to 90%, and 1.4 million out of 1.5 million internally displaced people have left the camps since the earthquake.
Remittances are the primary source of foreign exchange, at over one-fifth of GDP. Haiti’s main industries include textiles, sugar refining, flour milling, cement, and light assembly. Haiti’s 1987 investment code grants foreign investors equal treatment to national investors and provides tax incentives.
Haiti adopted a Law on Free Trade Zones (FTZ) in July 2002 and established the Lafito Industrial Free Zone in 2015. Locus Economica has reviewed existing industrial zones legislation and drafted a new SEZ law for the country.