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November Sunday

Cuban Economy to Hardly Grow 2 percent in 2021

Havana, Oct 14 (ACN) Cuban economy will grow a slight 2 percent in 2021 due to the impact of the COVID-19 pandemic, the world crisis and the strengthened US economic blockade, though better results are expected to be achieved next year.

In a press conference on Thursday, Cuban Economy Minister Alejandro Gil said that such small growth was expected to occur after considering the complex and tense scenario of the island nation, marked by a total paralization of a large part of its major economic sectors, including tourism.

Minister Gil recalled that the country’s 2020 GDP decreased by nearly 11 percent and in 2021 the island faced a difficult reality which included losses for some 500 million dollars in comparison the previous year in terms of income, so he insisted that the months left must be used to create conditions to relaunch the economy.

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