ES / EN
- August 19, 2022 -
No Result
View All Result
OnCubaNews
  • World
  • Cuba
  • Cuba-USA
  • Opinion
    • Columns
    • Infographic
  • Culture
    • Billboard
  • Sports
  • Styles / Trends
  • Media
  • Special
  • Cuban Flavors
  • World
  • Cuba
  • Cuba-USA
  • Opinion
    • Columns
    • Infographic
  • Culture
    • Billboard
  • Sports
  • Styles / Trends
  • Media
  • Special
  • Cuban Flavors
OnCubaNews
ES / EN
ADVERTISEMENT
Home Cuba

Cuba fails to meet its economic growth goal for 2019

Addressing parliament’s Committee on Economic Affairs, Cuban Minister of Economy Alejandro Gil blamed the slowdown of the Cuban economy on the “worsening of the U.S. blockade and other external adverse factors.”

by OnCuba Staff, OnCuba editorial staff
December 19, 2019
in Cuba
0
In this archive image, a farmer uses oxen to plow the land in Cuba. Photo: Otmaro Rodríguez.

In this archive image, a farmer uses oxen to plow the land in Cuba. Photo: Otmaro Rodríguez.

The Economic Commission for Latin America and the Caribbean (ECLAC) estimated that the island’s Gross Domestic Product (GDP) will grow by only 0.5 percent in 2019, Cuban Economy Minister Alejandro Gil said this Tuesday.

Addressing parliament’s Committee on Economic Affairs, Cuban Minister of Economy Alejandro Gil blamed the slowdown of the Cuban economy on the “worsening of the U.S. blockade and other external adverse factors,” Prensa Latina news agency reported.

The minister explained that this year was marked by a “complex scenario” due to global economic uncertainty and Washington’s new measures against Cuba.

He recalled that since April the island’s economy started “facing additional restrictions” in the allocation of fuel due to the persecution of the U.S. administration headed by Donald Trump.

The economy and hope

“However, we do not apply neoliberal measures such as increasing prices or making cuts in sectors such as health and education,” said the minister.

Gil stressed that measures were implemented to boost national development such as a substantial increase in wages for the budgeted sector, which benefited 1.4 million workers.

He also highlighted the sale in foreign currency of several products to combat the flight of capital and the approval of 28 actions to benefit the state enterprise.

After a decrease of -0.9% recorded in 2016―due to corruption and illegalities, the low level of savings, indebtedness and insufficient export earnings―the Cuban economy managed to recover with the 1.6% achieved in 2017.

Cuba reduce drásticamente su pronóstico de turistas para 2019

The following year, the Cuban GDP grew again, this time by 2.2%, so the Cuban government set its goal for 2019 at 1.5%, an estimate that seemed “realistic” at the time.

During the parliamentary meeting, Gil presented a plan for 2020 in which a 19% increase in investments is highlighted.

These investments will be concentrated on infrastructure projects in sectors such as tourism, renewable energy, and housing.

The minister specified that 40,800 houses are expected to be built next year.

He also announced that the Mariel Special Development Zone, where 50 businesses have already been approved, will receive an investment of 2.6 billion dollars.

Authors

OnCuba Staff, OnCuba editorial staff
Tags: Cuban Economy
Previous Post

Cuba readies a demanded draft law for animal protection

Next Post

Could diplomatic relations between Cuba and the United States be broken?

OnCuba Staff

OnCuba Staff

Next Post

Could diplomatic relations between Cuba and the United States be broken?

Cuban boxing will look for places for Tokyo 2020 in Argentina

United States has deported 1,179 Cubans in 2019

Leave a Reply Cancel reply

The conversation here is moderated according to OnCuba News discussion guidelines. Please read the Comment Policy before joining the discussion.

Your email address will not be published. Required fields are marked *

ADVERTISEMENT

Most Read

  • Cuba: measures making non-commercial imports more flexible come into force

    15 shares
    Share 6 Tweet 4
  • Cuba’s Mariel Special Development Zone: when promises aren’t kept

    12 shares
    Share 5 Tweet 3
  • Environmental disaster and metadiplomacy. Alternatives for U.S.-Cuba relations?

    9 shares
    Share 4 Tweet 2
  • What foods can be brought to Cuba and what imports are forbidden?

    186 shares
    Share 74 Tweet 47
  • Cuba: purchase of foreign currency from population announced

    35 shares
    Share 14 Tweet 9

Most Commented

  • Biden Administration appoints new charge d’affaires to head embassy in Havana

    15 shares
    Share 6 Tweet 4
  • Roberlandy Simon: I am still a Cuban

    2 shares
    Share 1 Tweet 1
  • For families, sending money home to Cuba shouldn’t be a political football

    9 shares
    Share 4 Tweet 2
  • Door Locks and Latches

    2 shares
    Share 1 Tweet 1
  • Cuba: results of new Alzheimer’s drug revealed

    87 shares
    Share 35 Tweet 22
  • About us
  • Work with OnCuba
  • Terms of use
  • Privacy Policy
  • Moderation policy for comments
  • Contact us
  • Advertisement offers

OnCuba and the OnCuba logo are registered® trademarks of Fuego Enterprises, Inc., its subsidiaries or divisions.
OnCuba © by Fuego Enterprises, Inc. All Rights Reserved.

No Result
View All Result
  • World
  • Cuba
  • Cuba-USA
  • Opinion
    • Columns
    • Infographic
  • Culture
    • Billboard
  • Sports
  • Styles / Trends
  • Media
  • Special
  • Cuban Flavors

OnCuba and the OnCuba logo are registered® trademarks of Fuego Enterprises, Inc., its subsidiaries or divisions.
OnCuba © by Fuego Enterprises, Inc. All Rights Reserved.

Exit mobile version