Haiti’s earthquake this past Tuesday further deteriorated its already cash-strapped position in the world economy. Widely regarded as the poorest nation in the Western Hemisphere, the devastating human toll (estimated at 100,000 casualties) will slash its GDP by over 15%. The silver lining seems to be a rash of humanitarian aid.
For instance, Digicel Group Ltd., the largest mobile phone provider in Haiti, stated they would chip in $5 million for relief services. Bank of America has pledged $1 million, and President Obama said the U.S. would respond with “every element of our national capacity,” including $100 million. We hope this influx will help germinate Haiti’s extended period of growth.