"The information available through ICAE indicates that we are on track for a 5th year of negative growth in the Haitian economy. The indicator for the first quarter, which extends from October to December 2022, shows that the economy experienced a slowdown of -3.7%. For the second quarter, the observed slowdown is around less than 2%. For the first half, on average, the economy has slowed down by -2.9%. We can say that we have recorded negative growth in the first half of the year," stated economist Enomy Germain on Panel Magik on Tuesday, July 25, 2023.

Considering the dire economic situation Haiti is facing, Germain believes it is extremely difficult for the country to rebound during the second half. "So, the message is that we are heading towards a 5th year of negative growth. Another element is that this data shows that there is not a single sector of the economy that is doing well. All sectors of the economy are in crisis. For the first quarter, the primary sector decreased by -5.5%, the secondary sector by -3.6%, and the tertiary sector by -3.4%. For the second quarter, the primary sector decreased by -4.8%, the secondary sector by -1%, and the tertiary sector by -1.8%. When such a situation arises, it is worrisome; it means that the economy is increasingly turning into a true factory of poverty. When we talk about negative growth in the economy, it means that we have not produced wealth, and there are many people who will not have sufficient resources to live; these are individuals who will sink into poverty, vulnerable situations," he explained.