Wednesday 25 May 2022

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

Paying the bills

Latest

Minister of Tourism projects recovery of the sector by 2023

QCOSTARICA - After the unprecedented blow of the pandemic,...

President Chaves slams Costa Rica in Davos

QCOSTARICA - Costa Rica president, Rodrigo Chaves, used his...

Costa Rica has a dependency of 86.80% on green energy, the fourth highest in the world

QCOSTARICA - The Compare the Market Australia study looked...

El Salvador: MS-13 gang blames killing spree on broken pact with government — report

Q24N - The notorious criminal gang Mara Salvatrucha 13...

War in Ukraine exacerbates food insecurity in Latin America

Q REPORTS (EFE) The World Food Programme (WFP) warned...

Costa Rica creates first Pet Friendly certification

QCOSTARICA -  A survey provided by Unimer shows that...

Panama at the forefront of vaccination programs in Latin America

Q24N (Revista Summa) Recently, the Ministry of Health of...

Dollar Exchange

¢674.87 Buy

¢680.57 small> Sell

25 May 2022 - At The Banks - BCCR

Paying the bills

Share

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.

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

- Advertisement -
Paying the bills
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

US to ease visa, family remittance restrictions for Cuba

Q24N (DW) The United States has announced a series of steps...

Russia sanctions threaten Vladimir Putin’s allies in Latin America

Q REPORTS (DW) In response to the brutal invasion of Ukraine,...

Subscribe to our stories

To be updated with all the latest news, offers and special announcements.