CBR
search
Economy

Pr

Haiti: The most difficult Caribbean country to do business in

Haiti is the most difficult country to do business in the Caribbean, according to the World Bank. The body, which released its Ease of Doing Business findings yesterday, ranked the country at a feeble 179 out of 190 economies.

Pr

Haiti is the most difficult country to do business in the Caribbean, according to the World Bank.

The World Bank headquarters in Washington DC (Photo: moderndiplomacy.eu)

The body, which released its Ease of Doing Business findings yesterday, ranked the country at a feeble 179 out of 190 economies. Despite its weak showing, its overall score climbed marginally from 37.9 per cent last year to 40.7 per cent in the recent study, an increase of 2.8 per cent.

Protests in the country have dominated headlines over past weeks. (Photo: reuters.com)

The poor showing was due to its dismal performance in most of the key categories used to assess the ease with which business can be conducted in a country from creation through operation. When it comes to starting a business, Haiti ranks second to last, only placing ahead of Venezuela which is the worst-ranked economy in Latin America and the Caribbean with an overall doing business score of 30.2 per cent; this puts Venezuela 188 on the complete list. Comparatively, Caribbean neighbor Jamaica ranked sixth in the category.

According to the World Bank, “a high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm.” 

Widespread protests in Haiti amid suspicions of corruption. (Photo: Yahoo News)

Haiti also performed poorly in dealing with protecting minority investors (183), registering property (182), construction permits (179), resolving insolvency (168), paying taxes (149), getting electricity (147), getting credit (144) and enforcing contracts (127). In fact, the only indicator where it ranked in the top 100 is trading across borders, with a showing of 76.9 per cent that saw it place 85th.

Haiti, with a population of just over 11 million people, has been facing widespread protests for weeks as conditions, which have generally been poor for a protracted period, worsened with ongoing energy shortage, price hikes and increasing inflation amid suspicions of corruption at its top level.

The top ten placed economies are New Zealand, Singapore, Hong Kong, Denmark, Korea, the United States, Georgia, the United Kingston, Norway and Sweden.