Cuba is going through it's worst economic crisis in 30 years. Since 2020, Cuba has struggled financially. COVID has caused many issues for the Cuban economy, including the lowering of wages, struggles with infrastructure, decreased spending on public services, power outages, and much more. Many of these struggles have been caused deliberately by the United States government post Cold War, as well as the Cuban government imposing currency and price reforms. A lack of spending and production has caused issues with all industries, most importantly the agricultural industry, which has left many people hungry. More recently Cuba has had to deal with food shortages and rationing, and people have even taken to the streets to protest. The Cuban government has blamed the United States for its sanctions and COVID for the severe inflation, but many economists blame Cuba's socialist economy. This financial turmoil could spell the end for communism in Cuba.
https://theconversation.com/economic-crisis-in-cuba-government-missteps-and-tightening-us-sanctions-are-to-blame-220985
4 comments:
Do you think that if Cuba bounced back they would still stick with a Communism regime? Or if their economy bounces back would they try a more democratic approach.
I don’t think that Cuba will abandon their Socialist economy but I wonder if we would see significant recovery if they adopted capitalism. At this point, I think they need heavy reforms and likely outside help to recover as a nation.
One has to wonder how much longer the Cuban people will stand the oppression of their government. US sanctions obviously do not help, but sanctions alone do not cripple economies as Cuba's has been. Hopefully the Cuban markets will one day be free.
I agree with Adam, Iran and Russia are also heavily sanctioned yet their economies continue to grow, Cuba will have to overhaul their system in order to break this cycle of poverty.
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