Thursday 17 June 2021

Castro’s Shallow Economic Reforms Keep Suppressing the Dreams of Cubans

Following the economic and immigration openings between the United States and Cuba during the Obama administration, the Raúl Castro regime reportedly began timid economic reforms that placed more responsibility in the hands of private entities — but have they worked?

Castro has cultivated an economic climate that, despite having diversified trade and investment partners in Cuba, continues to be dependent on its export of services (like doctors) as well as on the production of increasingly fewer goods. (Flickr)

It doesn’t look like it, as 2017 comes to a close as the island’s second straight year of recession.

“There is little hope that the country’s economy ends 2017 with a ‘positive growth,’” Cuban Economist Pavel Vidal said, predicting that the year will finish out with as little as -1.4 percent growth in Gross Domestic Product.

- Advertisement -

Another factor that has hurt the Cuban economy — and in turn has prevented Castro’s limited reforms from blossoming — is a lack of foreign investment. On the other hand, Cuba intends to develop a Special Zone of Economic Development, specifically in the province of Mariel, 28 miles west of the capital of Havana. With this project, the island’s regime hopes to attract sustainable foreign investments as well as manufacturing and technology.

Though Economic Zones are intended to attract foreign capital, a US company has already been rejected from the project, while three more projects are reportedly in “advanced negotiation” stages.

Agriculture, construction and tourism were expected to improve the island’s GDP by around 1.1 percent; however, those predictions didn’t account for the loss of oil subsidies in Venezuela or the fall in sugar prices caused by Hurricane Irma, whose true impact the Castro regime has not yet revealed.

Castro has cultivated an economic climate that, despite having diversified trade and investment partners in Cuba, continues to depend on its export of services (like doctors) as well as on the production of increasingly fewer goods.

- Advertisement -

Article originally appeared on Today Cuba and is republished here with permission.

- Advertisement -

FACT CHECK:
We strive for accuracy in its reports. But if you see something that doesn’t look right, send us an email. The Q reviews and updates its content regularly to ensure it’s accuracy.

Q24N
Q24N is an aggregator of news for Latin America. Reports from Mexico to the tip of Chile and Caribbean are sourced for our readers to find all their Latin America news in one place.

Related Articles

Cuba Ready to Join WHO-Led COVAX Facility, Ambassador to China Says

Q24N   - Cuba is ready to join the COVAX vaccine-sharing mechanism...

The Internet, the stone in the Cuban government’s shoe

Q REPORTS (Havana) "Lies", "manipulation", "subversion": Raúl Castro, who handed over...

MOST READ

Ortega government accuses imprisoned opponents of receiving money from the United States to overthrow him

TODAY NICARAGUA – The Nicaraguan government assures that the imprisoned political opponents detained on charges of “inciting foreign intervention” are “usurpers” financed by the...

Apple extended the life of its older iPhones

QTECH - Whether due to the global economic crisis caused by the Covid-19 pandemic or due to shortages of electronic components, raw materials, factory...

Opinion: Peru’s electoral drama is damaging democracy

Q REPORTS (DW) In Peru, the left-wing village school teacher Pedro Castillo has in all probability been elected the new president. The fact that...

Central America is back in the news for the wrong reasons, Costa Rica is once again the exception

QCOSTARICA - Osta Rica has been the epicenter of regional diplomacy in recent days. The successive visits of the Secretary of State of the...

13 Powerful Home Remedies for Acne

Acne is considered to be one of the most common skin ailments on the planet, with a record 60 million people being afflicted by...

Tourism sector feels in crisis despite increase in international arrivals

QCOSTARICA - Despite the improvement in tourist arrivals reported in May, with more than 72,000 visitors, both the Cámara Nacional de Turismo (Canatur) and...

Today’s Vehicle Restriction: June 12, “ODDS”

Today, Saturday, June 12, only ODDS can circulate. The measure is countrywide and applied between 5:00 am and 9:00 pm, save for those under the...

Today’s Vehicle Restriction June 16: 5 & 6 CANNOT circulate

Today, Wednesday, June 16, vehicles with plates ending 5 & 6 CANNOT circulate The measure is countrywide and applied between 5:00 am and 9:00 pm,...

Which countries could follow El Salvador by making it legal tender?

Q24N - El Salvador may be the first country to adopt bitcoin as legal tender, but recent developments suggest that it might not be...

WANT TO STAY UP TO DATE WITH THE LATEST!

Get our daily newsletter with the latest posts directly in your mailbox. Click on the subscribe and fill out the form. It's that simple!

Article originally appeared on Today Cuba and is republished here with permission.

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.