 Haiti's economy suffered a severe setback in January 2010 when a 7.0 magnitude earthquake destroyed much of its capital city, Port-au-Prince, and neighboring areas.Already the poorest country in the Americas with 80% of the population living under the poverty line and 54% in abject poverty, the earthquake inflicted $7.8 billion in damage and caused the country's GDP to contract 5.4% in 2010.Following the earthquake, Haiti received $4.59 billion in international pledges for reconstruction, which has proceeded slowly.