In 1994 the possession and use of US dollars was legalised, and by 2004 the US dollar was in widespread use in the country. The majority of stores are small dollar stores, bodegas, agro-mercados (farmers' markets) and street stands.[98]. Foreign aid began with the construction of six hospitals in Peru in the early 1970s. The Netherlands receives the largest share of Cuban exports (24%), 70 to 80% of which go through Indiana Finance BV, a company owned by the Van 't Wout family, who have close personal ties with Fidel Castro. El MEP es el organismo del Estado Cubano que dirige la política en materia de Economía y Planificación. [27], Its proximity to the United States made it a familiar holiday destination for wealthy Americans. Its overall score has decreased by 0.9 point due to a plunge in the score for property rights. The socialist leadership is reluctant to tackle this problem because it touches a core aspect of its revolutionary legitimacy. The country's top import partners are Venezuela with 38.7%, China with 9.8%, Spain with 8.4%, Brazil with 4.7% and Algeria with 4.4% of the country's total import. The overall tax burden is 24.4 percent of GDP.[101]. * These three Dutch Caribbean territories form the BES islands. [101] In 2017, however, the country reported a record 2 billion in foreign investment. [43] This loss of subsidies coincided with a collapse in world sugar prices. [106] Pensions are among the smallest in the Americas at $9.50/month. GDP (purchasing power parity): $137 billion (2017 est.) This era was referred to as the "Special Period in Peacetime" later shortened to "Special Period". The payments would phase in gradually, increasing from an initial 1.6 percent of the total owed until the last payment of 8.9 percent in 2033. This situation was exacerbated by the influx of dollars during the 1990s, potentially creating a dual economy based on the dollar (the currency of tourists) on the one hand and the peso on the other. In 2009, Raúl Castro increased minimum pensions by 2 dollars, which he said was to recompense for those who have "dedicated a great part of their lives to working... and who remain firm in defense of socialism". [13] In December 2018, 525 Foreign Direct Investment projects were reported in Cuba, a dramatic increase from the 246 projects which were reported in 2014. . În ciuda faptului că i-a fost interzis accesul la împrumuturile de la FMI și Banca Mondială, deoarece Cuba este în zona debitorilor Clubului de la Paris cu sute de milioane de dolari, economia țării nu s-a prăbușit, deși venitul pe cap de locuitor este încă mai mic decât era în 1989 (dar în creștere lentă). [41] It expanded later in the 1970s to the point where some 8000 Cubans worked in overseas assignments. A nationwide scientific survey shows that social inequalities have become increasingly visible in everyday life and that the Afro-Cuban population is structurally disadvantaged. ", "Venezuela's Chávez Fills $9.4 Billion Yearly Post-Soviet Gap in Cuba's Accounts", "As Hugo Chavez fights for his life, Cuba fears for its future", Dean Peter Krogh Foreign Affairs Digital Archives, Inequality Becomes More Visible in Cuba as the Economy Shifts, Raúl Castro Thanks U.S., but Reaffirms Communist Rule in Cuba, Coordination of United Revolutionary Organizations, Cuban Revolutionary Armed Forces (MINFAR), Committees for the Defense of the Revolution, South Georgia and the South Sandwich Islands, Trade-Related Aspects of Intellectual Property Rights, Special administrative regions of the People's Republic of China, Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu, https://en.wikipedia.org/w/index.php?title=Economy_of_Cuba&oldid=995523063, World Trade Organization member economies, Articles with dead external links from January 2019, Articles with dead external links from April 2018, Articles with permanently dead external links, Articles with dead external links from January 2020, Articles containing potentially dated statements from 2000, All articles containing potentially dated statements, Articles containing potentially dated statements from 2012, Articles with unsourced statements from June 2019, Wikipedia articles needing clarification from August 2009, Articles with self-published sources from February 2020, Wikipedia articles needing clarification from May 2013, Wikipedia articles in need of updating from March 2016, All Wikipedia articles in need of updating, Articles with unsourced statements from August 2009, Creative Commons Attribution-ShareAlike License, Cuban peso (CUP) = 100 cents and Cuban Convertible Peso (CUC) = 25 CUP, petroleum, nickel, cobalt, pharmaceuticals, tobacco, construction, steel, cement, agricultural machinery, sugar, petroleum, nickel, medical products, sugar, tobacco, fish, citrus, coffee, petroleum, food, machinery and equipment, chemicals, state sector 72.3%, non-state sector 27.7% in 2017, data are official rates; unofficial estimates are about double, Expenditure adjustments (education, healthcare, sports, culture). [77] [78], In May 2020, with payments still not made, Deputy PM Cabrisas sent a letter to the fourteen Paris Club countries in the agreement requesting "a moratorium (of payments) for 2019, 2020 and 2021 and a return to paying in 2022." Additional Physical Format: Online version: Marrero, Leví. N.p., 28 Apr. Fino agli anni Ottanta, Cuba ha beneficiato di consistenti aiuti da parte dell’URSS e degli altri paesi comunisti europei. Cuban officials said in early 1998 that 332 joint ventures had begun. One is sometimes called the "national currency" (or CUP) the other is the convertible peso (or CUC, often called "dollar" in the spoken language). In 2000 Cuba's public sector employment was at 76% while the employment in the private sector was comprised of self-employed people stood at 23% comparing to the same ratio taken in 1981 of 91% to 8% respectively. [73], In 2014, before making a diplomatic visit to Cuba, Russian President Vladimir Putin forgave over 90% of the debt owed to it by Cuba. Piccone,Ted and Harold Trinkunas "The Cuba-Venezuela Alliance: The Beginning of the End?" In 2000, 1,773,986 foreign visitors arrived in Cuba. A comprehensive list of changes is:[60][61], On December 20, 2011, a new credit policy allowed Cuban banks to finance entrepreneurs and individuals wishing to make major purchases to do home improvements in addition to farmers. citizens. The country's major industries are biotechnology and pharmaceutical. Airy high-ceilinged, timber-beamed rooms are arranged around a quiet interior courtyard, and feature a … In 2012, Cuba had a GDP by PPP of $121 billion and a nominal GDP of $72.3billion. During the Cold War period, the Cuban economy was heavily dependent on subsidies from the Soviet Union, valued at $65 billion in total from 1960 to 1990 (over three times as the entirety of U.S. economic aid to Latin America), an average of $2.17 billion a year. The Cuban economy is a planned economy that is dominated by state-run enterprises and state-employed labor force. Cuba: Economía e Industria 1. CUBA: DOLLAR CRUNCH, DOLLARIZATION AND DEVALUATION Luis R. Luis Cuba faces an acute balance of payments crisis aggravated by the COVID 19 pandemic. [20] Following the collapse of the Soviet Union, Cuba's GDP declined by 33% between 1990 and 1993, partially due to the loss of Soviet subsidies[21] and a crash in sugar prices in the early 1990s. Today the Washington Office on Latin America (WOLA) and the Center for Democracy in the Americas (CDA) are releasing “The United States and Cuba: A New Policy of Engagement,” a roadmap for how the Biden-Harris administration can implement a policy of engagement toward Cuba. Rabat, December 10 (HRC)-- The Cuban ambassador in Rabat, Javier Domokos, and the Moroccan Minister of Tourism, Air Transport, Crafts and Social Economy, Nadia Fettah, evaluated possible areas of cooperation in the tourism sector. [59], To remedy Cuba's economic structural distortions and inefficiencies, the Sixth Congress approved expansion of the internal market and access to global markets on April 18, 2011. This program focused on developing the country's socio-economic status and transition Cuba into an energy-efficient economy with diverse energy resources. Sin costo, fácil y rápido puedes encontrar trabajo en casi 13.700+ ofertas en Cuba y otras ciudades en República de Cuba. Pre-Revolutionary commercial districts were largely shut down. Cuba and Morocco evaluate possible cooperation in tourism. Before reforms, the only real-estate transactions were home-owners swapping properties; post-reform legalized the buying and selling of the real estate and created a real-estate boom in the country. [80], As of August 2012, off-shore petroleum exploration of promising formations in the Gulf of Mexico had been unproductive with two failures reported. As of 2012, more than 150,000 farmers had signed up to lease land from the government for bonus crops. Additional exploration is planned.[81]. After the USSR and Cuba reestablished their diplomatic relations in May 1960, the USSR began to buy Cuban sugar in exchange for oil. The banks and the country's entire financial system, all-electric power production and the majority of the industry were dominated by U.S. During the last five reported years the imports of Cuba changed by -$1.15B from $6.95B in 2013 to $5.8B in 2018. [35], On March 3, 1959, Fidel Castro seized control of the Cuban Telephone Company, which was a subsidiary of the International Telephone and Telecommunications Corporation. In 2015, Cuba's labor force was estimated at 5.111 million which is distributed in two main sectors the public sector with 72.3% and personal sector with 27.7%. For example, the drug Heberprot-P was developed as a cure for diabetic foot ulcer and had success in many developing countries. Due to the continued growth of tourism, growth began in 1999 with a 6.2% increase in GDP. [37] [82] In both 2007 and 2008 estimates, the country produced 62,100 bbl/d of oil and consumes 176,000 bbl/d with 104,800 bbl/d of imports, as well as 197,300,000 bbl proved reserves of oil. It was common to meet doctors, engineers, scientists and other professionals working in restaurants or as taxicab drivers. In fact, one of the issues the Energy Revolution program faces comes from Cuba's power production suffering from the absence of investment and the ongoing trade sanctions imposed by the United States. The achievements of the radical social policy of socialist Cuba, which enabled social advancement for the formerly underprivileged classes, were curbed by the economic crisis and the low wages of recent decades. Growth then picked up, with a growth in GDP of 11.8% in 2005 according to government figures. In 2014 Cuba's economic freedom score was 28.7, making its economy one of the world's least free. Cuban officials estimate roughly 1.6 million tourists visited Cuba in 1999 yielding about $1.9 billion in gross revenues. By Benjamin Elisha Sawe on April 25 2017 in Economics. [67], In February 2019, voters approved a new Constitution granting right to private property and greater access to free markets, while also maintaining Cuba's status as a socialist state. Growth slowed again in 1997 and 1998 to 2.5% and 1.2% respectively. region and its overall score was significantly lower than the regional average. [12] It was also reported that foreign investment in Cuba had increased dramatically since 2014. Before, home-owners were only allowed to swap; once buying and selling were allowed, prices rose.[63]. The governments agreed to "waive" 70% of it, approximately $340.9 million. (1997) Human Development in Cuba: Growing Risk of Reversal in Development with a Human Face: Experience in Social Achievement and Economic Growth Ed. Cuba Siglo XXI: Section en Economia, revista electrónica Cuba Transition Project Research Reports, University of Miami CubaIndustria Portal de la Industria Cubana Actualidad, Cuba, Portada 19 julio, 2018. 2016 was the first year that the United States abstained from the vote, rather than voting no, "since 1992 the US and Israel have constantly voted against the resolution – occasionally supported by the Marshall Islands, Palau, Uzbekistan, Albania and Romania".[53]. The system establishes the rations each person is allowed to buy through that system, and the frequency of supplies. Officially the Republic of China, participates as ", This page was last edited on 21 December 2020, at 14:30. However, based on proximity, these islands are sometimes grouped with the Windward Islands culturally and politically. Alternative energy has emerged as a major priority as the government has promoted wind and solar power. In 2003 Cuba's biotechnology and pharmaceutical industry was gaining in importance. Remittances from family members from abroad serve often as starting capital for the emerging private sector. More than 80 percent of farmland was owned by sugar and livestock-raising large landowners. Havana devotes significant resources to building tourist facilities and renovating historic structures. Después de la independencia Cuba seguía dependiendo del azúcar, su economía estaba # Physiographically, Bermuda is an isolated oceanic island in the North Atlantic Ocean, not a part of the Antilles, West Indies, Caribbean, North American continental mainland or South American continental mainland. Their visits for gambling, horse racing and golfing[28] made tourism an important economic sector. "If this help stops, industry is paralysed, transportation is paralysed and you'll see the effects in everything from electricity to sugar mills," he said. As of 2012, the government lists 181 official jobs no longer under their control—such as taxi driver, construction worker and shopkeeper. Around 2000, half the country's sugar mills closed. Legalizing of 201 different personal business licenses, Incentives for non-state employment, as a re-launch of self-employment, Proposals for the creation of non-agricultural cooperatives, Legalization of sale and private ownership of homes and cars, Search for food self-sufficiency, the gradual elimination of universal rationing and change to targeting the poorest population, Possibility to rent state-run enterprises to self-employed, among them state restaurants, Separation of state and business functions, Strategies for external debt restructuring. [91], Scientists such as V. Verez-Bencomo were awarded international prizes for their contributions in biotechnology and sugar cane. This widened the gap between Cubans' material standards of living, in conflict with the Cuban Government's long term socialist policies. The government undertook several reforms to stem excess liquidity, increase labor incentives and alleviate serious shortages of food, consumer goods and services. [needs update] However, monthly wages remain less than 20 U.S. More. After reforms, more than 150,000 farmers could lease land from the government for surplus crop production. The Cuban gross domestic product declined at least 35% between 1989 and 1993 due to the loss of 80% of its trading partners[clarification needed] and Soviet subsidies. 2012-02-Kakaokugel auf Reibe anagoria.JPG 4,752 × 3,168; 8.46 MB The Heritage Foundation states that open-market policies were not in place to spur growth in trade and investment and the lack of competition continued to stifle dynamic economic expansion. Workers must purchase licenses to work for some roles, such as a mule driver, palm tree trimmer, or well-digger. Empresa Exterior 766 views. Cuba is known for its system of food distribution, the Libreta de Abastecimiento ("Supplies booklet"). La Habana : Editora Política, 1996 (OCoLC)654724264 The sole exception to this rule is Venezuelans, who are allowed to hold 100% ownership in businesses due to an agreement between Cuba and Venezuela. After the 1959 Revolution, citizens were not required to pay a personal income tax (their salaries being regarded as net of any taxes). A 10% surcharge is levied for cash conversions from US dollars to the convertible peso, which does not apply to other currencies, so it acts as an encouragement for tourists to bring currencies such as Euros, pounds sterling or Canadian dollars into Cuba. La economía cubana ha estado desde su independencia en 1902 muy ligada al azúcar; que constituye desde el siglo XIX el principal producto exportado por la isla; aunque el tabaco y el cacao también fueron soportes de la economía colonial de Cuba y La Habana fue el más importante emporio del cacao en el siglo XVIII. Después de la independencia Cuba dependió del azúcar; su economía estaba muy ligada a su precio en el mercado internacional porque casi todo el azúcar que se producía estaba destinada al mer… Cuba is ranked as 113th leading world's export economy. Despite rumors of ending, the system still exists. Cuban social indicators suffered less. [107] [84] Furthermore, an outdated electricity grid that's been damaged by hard-hitting hurricanes, caused the energy crisis in 2004 and continued to be a major issue during the Energy Revolution. Sugar had done well from 1985–90 and crashed precipitously in 1990–91 and did not recover for five years. Cuba Accounts For Over Half", "Mexico says it will waive most of $487 mln debt owed by Cuba", "Exclusive - Cuba's debt deal: Easy terms, but severe penalties if late again", "Cuba seals 'historic' debt pact with Paris Club", "Exclusive: Cuba fails to make payment in key debt accord, sources say", "Cuba defaults on Paris Club debt: says it will meet its commitments", "Cuba seeks delay in debt repayment to 2022: diplomats", "La Revolucion Energetica: Cuba's Energy Revolution", "2nd Cuban offshore oil well also a bust", "Cuban leader looks to boost food production", "Ecuadorians benefit from Cuban drug Heberprot-p", Tourism in Cuba during the Special Period, "EU stresses support for Cuba even as U.S. hikes sanctions", "The situation of Cuban workers during the "Special Period in peacetime, List of countries by Human Development Index#Complete list of countries, "How will the Venezuela-Cuba link fare after Chávez's death? On February 7, 1962, Kennedy expanded the United States' embargo to cover almost all U.S. imports. [19] While the massive Soviet subsidies did enable Cuba's enormous state budget, they did not lead to a more advanced or sustainable Cuban economy; although described by economists as "a relatively highly developed Latin American export economy" in 1959 and the early 1960s, Cuba's basic economic structure changed very little between then and 1990. A watered-down reform package endorsed by the Party trimmed the number of state workers and expanded the list of approved professions, but many details of the reform remained obscure. The relationship cultivated between Cuba and Venezuela in recent years resulted in agreements in which Venezuela provides cheap oil in exchange for Cuban "missions" of doctors to bolster the Venezuelan health care system. Redeems coupons for rice, sugar, oil, matches and sells other foodstuffs including rum. Following the fall of the Soviet Union in 1991, the ruling Communist Party of Cuba encouraged the formation of worker co-operatives and self-employment. Prior to reforms, imports were double exports, doctors earned £15 per month and families supplemented incomes with extra jobs. [12][13], As of 2000[update], public-sector employment was 76% and private-sector employment (mainly composed of self-employment) was 23% - compared to the 1981 ratio of 91% to 8%. Paladar – A type of small, privately owned restaurant facility. By the end of 1985, 35,000 Cuban workers had helped build projects in some 20 Asian, African and Latin American countries. Reflecting on the Special period Cuban president Fidel Castro later admitted that many mistakes had been made, "The country had many economists and it is not my intention to criticize them, but I would like to ask why we hadn’t discovered earlier that maintaining our levels of sugar production would be impossible. The economy of Cuba is a planned economy dominated by state-run enterprises. Tourists can now ride factory steam locomotives through closed sugar mills[57], In 2008, Raúl Castro's administration hinted that the purchase of computers, DVD players and microwaves would become legal. Growing organopónicos (organic gardens) in the private sector has been attractive to city-dwelling small producers who sell their products where they produce them, avoiding taxes and enjoying a measure of government help from the Ministry of Agriculture (MINAGRI) in the form of seed houses and advisers. At this point, the state maintained strict capital and exchange controls. Those with dollar incomes based upon the service industry began to live more comfortably. This led to speculation of the emergence of a two-tier economy[96] and the fostering of a state of tourist apartheid. As of 2015, Cuba had the third-highest number of physicians per capita worldwide (behind Monaco and Qatar)[108] The country sends tens of thousands of doctors to other countries as aid, as well as to obtain favorable trade terms. The Cuban economy is a planned economy that is dominated by state-run enterprises and state-employed labor force. L'economia clàssica fou principalment una escola anglesa de pensament econòmic que s'originà a la fi del segle XVIII amb els escrits d'Adam Smith i que continuà desenvolupant-se amb els escrits de David Ricardo i de John Stuart Mill. The main export products are sugar, medical products, tobacco, nickel, coffee, citrus, and shellfish. [88] Raúl Castro ridiculed the bureaucracy that shackled the agriculture sector.[88]. The Cuban economy remained inefficient and over-specialized in a few highly subsidized commodities provided by the Soviet bloc countries. Tiempo completo, medio y parcial. The country's top imports are food, machinery and equipment, chemicals, and petroleum. Historia Económica anterior a la Revolución La economía cubana siempre ha estado muy ligada al azúcar, que ha constituido desde el inicio el principal y casi único producto exportado por la isla. Cuba, economía y sociedad. In 2017, Cuba produced and consumed an estimated 1189 million m3 of natural gas, with no m3 of exports or imports and 70.79 billion m3 of proved reserves. ^ These three Dutch Caribbean territories form the SSS islands. Since late 2000, Venezuela provided petroleum products to Cuba on preferential terms, supplying at times nearly 100,000 barrels per day. [86] The crucial challenge the Energy Revolution program will face is developing sustainable energy in Cuba but, take into account a country that's continuing to develop, an economic sanction and the detrimental effects of hurricanes that hit this country. [101], As of 2009, Cuba had $47.08 billion in revenues and $50.34 billion in expenditures with 34.6% of GDP in public debt, an account balance of $513 million and $4.647 billion in reserves of foreign exchange and gold. Marianne Ward (Loyola College) and John Devereux (Queens College CUNY), "John F. Kennedy: Speech of Senator John F. Kennedy, Cincinnati, Ohio, Democratic Dinner", "Sugar Cane and Agricultural Transformations in Cuba", "Cuba After Castro: Can Exiles Reclaim Their Stake? The agreement was viewed favorably by the regime, with the objective of resolving the long-standing issues and building business confidence, increasing direct foreign investment and a preliminary step to gaining access to credit lines in Europe. To alleviate the economic crisis, the government introduced a few market-oriented reforms including opening to tourism, allowing foreign investment, legalizing the U.S. dollar and authorizing self-employment for some 150 occupations. Cuba’s economic freedom score is 26.9, making its economy the 178th freest in the 2020 Index. economia. [90] Cuba has also done pioneering work on the development of drugs for cancer treatment. The president of the Virgin Voyages company, Tom McAlpin, declared at the recently concluded International Cruise Summit, held in Madrid, Spain, that the arrival of such ships in Cuba, prohibited by the U.S. blockade, could increase in 2021 when a … Set monthly fees must be paid regardless of income earned and frequent inspections yield stiff fines when any of the many self-employment regulations are violated. With the help of the majority of the Cuban population, the country was able to produce 7.56 million tons of sugar. [58], In 2010, Fidel Castro, in agreement with Raúl Castro's reformist sentiment, admitted that the Cuban model based on the old Soviet model of centralized planning was no longer sustainable. Tourism magazine Cabaret Quarterly described Havana as "a mistress of pleasure, the lush and opulent goddess of delights." Economía is an elegant, meticulously restored townhouse apartment, blending classical antiquity with clean modern taste, and all modern amenities possible in Cuba. But it was proven, first, that they did not know how to do it and, second, that they exploited the rest of the economy by receiving large amounts of resources . In 2015, Cuba registered a GDP growth rate of 4.7% and was estimated to grow in the years to come. According to Mesa-Lago, a Cuban-born US economist. Accordingly, the cumulative growth in GDP since 2004 stood at 42.5%. In 2015, raw sugar accounted for $378 million of Cuba's $1.4 billion exports. [16], Housing and transportation costs are low. "[47] Living conditions in 1999 remained well below the 1989 level. [12] In September 2019, EU foreign policy chief Federica Mogherini stated during a three-day visit to Cuba that the European Union is committed to helping Cuba develop its economy [102]. Change in the structure of employment; reduce inflated payrolls and increase work in the non-state sector. Over the 20-year history of the Index, Cuba's economic freedom remained stagnant near the bottom of the “repressed” category. Entenda como funciona o embargo econômico. In its place, the convertible peso was created, which although not internationally traded, has a value pegged to the US dollar 1:1. The balance of payments crisis in turn is reflected in severe shortages of foodstuffs, medicines and other essential goods. So far measures taken to deal with the crisis are largely fiscal […] Its population was characterized by chronic unemployment and deep poverty. In 2010, Cuba’s GDP per capita was estimated at $10,200. [28] Cuban dictator Fulgencio Batista had plans to line the Malecon, Havana's famous walkway by the water, with hotels and casinos to attract even more tourists. while there are factories that could have improved with a better distribution of those resources that were allocated to the Ten-Million-Ton plan”. [17], The country achieved more even distribution of income after the Cuban Revolution of 1953–1959,[citation needed] which was followed by an economic embargo by the United States (1960- ). In 2016 Cuba ranked 68th out of 182 countries, with a Human Development Index of 0.775, much higher than its GDP per capita rank (95th). [82] Venezuela is Cuba's primary source of oil. Latin America Initiative on Foreign Policy at Brookings (2014): 1-12.. Frank, Marc. There are currently 25 CUP per CUC. Currently, this trend can be seen in other colonial Caribbean communities that have direct political ties with the global economy. Government efforts to lower subsidies to unprofitable enterprises and to shrink the money supply caused the semi-official exchange rate for the Cuban peso to move from a peak of 120 to the dollar in the summer of 1994 to 21 to the dollar by year-end 1999.

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