Five Reasons to Be Hopeful About Haiti's Economy

It's been a week of grim news out of Haiti: the hundreds of thousands missing shelter, delays in water and food delivery. But looking ahead, there are still reasons to be upbeat about the Haitian economy.

Economist Paul Collier and Jean-Louis Warnholz, former economic advisor to Haiti's prime minister, point out five of them in particular:

1. Apparently Haiti's got really good mangos. Some of the best in the world. Have you ever had one? If not, that's not surprising -- due to lack of good infrastructure and ports, many of them end up rotten before ever getting close to export.

2. Also, really good coffee. (Though at the moment, much of it gets traded across the border to the Dominican Republic, where coffee producers there get most of the profits.)

3. Tourist hotbed-in-waiting. If investors can pitch in, Haiti could easily win a spot on the New York Times' "30 Places to Go in 2017" list (or at least an "Off the Beaten Track" mention). It's got all the hallmarks of a tourist mecca: gorgeous beaches, a World Heritage site and a languid climate, not to mention the distinction of being home to famous pirate island Tortuga.

4. Room to scale up garment manufacture. Thanks to the 2008 Hope II trade pact with the U.S., Haiti will have duty-free access to the U.S. apparel market for the next 10 years. Prior to the quake, Collier and Warnholz point out that Haitian factories along the country's eastern border (where they could benefit from Dominican electricity and ports) were competitive against even Chinese producers overseas.

5. Manufacturing potential. In fact, light manufacturing could become even bigger in Haiti, they argue, if donors could really commit to developing the country's infrastructure, with their efforts complemented by business investors.

Are all these reasons combined enough to feel bullish about the Haitian economy? Collier and Warnholz aren't going quite that far. But they do make the case that the quake could usher an economic "boom" in Haiti -- provided investors and public donors begin to coordinate. Doing so would allow investors to cut down on production costs and minimize overall risk. Meanwhile, the World Economic Forum in Davos, currently underway, marks the perfect opportunity for investors to mobilize on the issue. Bill Clinton's already set the precedent for such efforts, helping lead 200 international investors to Haiti last October (which, in turn, prompted Best Western and Choice Hotels to begin building local hotels prior to the quake).

Every crisis is an opportunity. After decades of struggle, Haiti's been hit with yet another immeasurable tragedy. But there may be room to turn the global spotlight into something constructive, as well.

Photo Credit: JohnBurke