{"id":211053,"date":"2019-12-19T14:19:34","date_gmt":"2019-12-19T19:19:34","guid":{"rendered":"https:\/\/oncubanews.com\/en\/?p=211053"},"modified":"2019-12-19T14:19:34","modified_gmt":"2019-12-19T19:19:34","slug":"cuba-fails-to-meet-its-economic-growth-goal-for-2019","status":"publish","type":"post","link":"https:\/\/oncubanews.com\/en\/cuba\/cuba-fails-to-meet-its-economic-growth-goal-for-2019\/","title":{"rendered":"Cuba fails to meet its economic growth goal for 2019"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The Economic Commission for Latin America and the Caribbean (ECLAC) estimated that the island&#8217;s Gross Domestic Product (GDP) will grow by only 0.5 percent in 2019, Cuban <\/span><a href=\"https:\/\/oncubanews.com\/tag\/economia-cubana\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Economy<\/span><\/a><span style=\"font-weight: 400;\"> Minister Alejandro Gil said this Tuesday.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Addressing parliament\u2019s Committee on Economic Affairs, Cuban Minister of Economy Alejandro Gil blamed the slowdown of the Cuban economy on the \u201cworsening of the <\/span><a href=\"https:\/\/oncubanews.com\/tag\/embargo\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">U.S. blockade<\/span><\/a><span style=\"font-weight: 400;\"> and other external adverse factors,\u201d <\/span><em><a href=\"https:\/\/www.prensa-latina.cu\/index.php?o=rn&amp;id=328847&amp;SEO=economia-de-cuba-crecera-ligeramente-en-2019-afirma-ministro\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Prensa Latina<\/span><\/a><\/em><span style=\"font-weight: 400;\"> news agency reported.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The minister explained that this year was marked by a \u201ccomplex scenario\u201d due to global economic uncertainty and Washington\u2019s new measures against Cuba.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">He recalled that since April the island\u2019s economy started \u201cfacing additional restrictions\u201d in the allocation of fuel due to the persecution of the U.S. administration headed by Donald Trump.<\/span><\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"y0zarKWh65\"><p><a href=\"https:\/\/oncubanews.com\/en\/opinion\/columns\/counterbalance\/the-economy-and-hope\/\">The economy and hope<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;The economy and hope&#8221; &#8212; OnCubaNews English\" src=\"https:\/\/oncubanews.com\/en\/opinion\/columns\/counterbalance\/the-economy-and-hope\/embed\/#?secret=noBWBxsHAc#?secret=y0zarKWh65\" data-secret=\"y0zarKWh65\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">\u201cHowever, we do not apply neoliberal measures such as increasing prices or making cuts in sectors such as health and education,\u201d said the minister.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">After a decrease of -0.9% recorded in 2016\u2015due to corruption and illegalities, the low level of savings, indebtedness and insufficient export earnings\u2015the Cuban economy managed to recover with the 1.6% achieved in 2017.<\/span><\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"92J3IahQUx\"><p><a href=\"https:\/\/oncubanews.com\/cuba\/cuba-reduce-drasticamente-su-pronostico-de-turistas-para-2019\/\">Cuba reduce dr\u00e1sticamente su pron\u00f3stico de turistas para 2019<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"\u00abCuba reduce dr\u00e1sticamente su pron\u00f3stico de turistas para 2019\u00bb \u2014 OnCubaNews\" src=\"https:\/\/oncubanews.com\/cuba\/cuba-reduce-drasticamente-su-pronostico-de-turistas-para-2019\/embed\/#?secret=IEyPmhXqnx#?secret=92J3IahQUx\" data-secret=\"92J3IahQUx\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">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 \u201crealistic\u201d at the time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">During the parliamentary meeting, Gil presented a plan for 2020 in which a 19% increase in investments is highlighted.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These investments will be concentrated on infrastructure projects in sectors such as tourism, renewable energy, and housing.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The minister specified that 40,800 houses are expected to be built next year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">He also announced that the <\/span><a href=\"https:\/\/oncubanews.com\/tag\/zona-especial-de-desarrollo-mariel\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Mariel Special Development Zone<\/span><\/a><span style=\"font-weight: 400;\">, where 50 businesses have already been approved, will receive an investment of 2.6 billion dollars.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Economic Commission for Latin America and the Caribbean (ECLAC) estimated that the island&#8217;s Gross Domestic Product (GDP) will grow by only 0.5 percent in 2019, Cuban Economy Minister Alejandro Gil said this Tuesday. Addressing parliament\u2019s Committee on Economic Affairs, Cuban Minister of Economy Alejandro Gil blamed the slowdown of the Cuban economy on the [&hellip;]<\/p>\n","protected":false},"author":3134,"featured_media":211055,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13902],"tags":[14816],"ppma_author":[33546,8689],"class_list":["post-211053","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cuba","tag-cuban-economy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cuba fails to meet its economic growth goal for 2019 | OnCubaNews English<\/title>\n<meta name=\"description\" content=\"Addressing parliament\u2019s Committee on Economic Affairs, Cuban Minister of Economy Alejandro Gil blamed the slowdown of the Cuban economy on the 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