Haiti faced daunting political, economic, and social challenges in 2022. Against the backdrop of political uncertainty from a long-delayed election and the ongoing COVID-19 pandemic, the Haitian economy was buffeted by civil unrest, deteriorating security conditions, supply chain constraints, and price pressures related to the rise in commodity prices fueled by the Russia-Ukraine war. These conditions deepened macroeconomic instability and uncertainty that further weakened domestic production, amplifying persisting inflation, which was pushed up further by the depreciation in the exchange rate. Low tax collections contributed to sustaining another year of fiscal deficits and increased public debt. Gross international reserves (GIR) remain above the three-month international threshold, although the net international reserves (NIR) position was on a declining trajectory.

The 2023 outlook remains highly uncertain. It is expected that economic activity will remain relatively weak in 2023, with downside risks tilted heavily to the downside. Risks to the outlook include continued security and social challenges, further increases in food and fuel prices, and
climate related disasters.