Cuban Economy could Take off Next Year

Havana, Dec 18 (ACN) Cuban Economy Minister Alejandro Gil said on Monday that after the country’s GDP decreased in 2023, the local economy could eventually begin to take next year, for which goals and objectives have been designed.

In the presence of Cuban President Miguel Diaz-Canel, the government official briefed the Parliament’s Economic Affairs Commission about the economic and social results at the year’s end.

The issue will be addressed by Cuba lawmakers during the upcoming Session of the Parliament on Wednesday; however, it has generated a rich debate calling for actions aims at economic recovery.

The Economy Minister said that the US blockade, along the global crisis, the scarce foreign currency income, the shortage of fuels, plus the domestic macro-economic unbalance were the main obstacles to reach the expected 3 percent economic growth this year.

Gradual improvement has taken place in tourism, power generation, and major indicators in the state entrepreneurial sector, but a must is increasing local exports, boost production particularly of foodstuffs, and get the most out of the country’s industrial capacities.

Major objectives for 2024 include the development of the country’s entrepreneurial sector and the integration of the state and private businesses; keep boosting the protection of vulnerable population sectors.