Categories: Business

Cuba opens most of its economy to the private sector

Cuba announced that it opened up the majority of its economy to the private sector.

 

This statement is one of the greatest economic reforms ever implemented in communist Cuba, whose economy is under state control.

 

The draft, prepared by the Minister of Employment, Marta Elena Feito last August, was accepted by the cabinet on Friday.

 

According to reports in the Cuban press at the weekend, the number of sectors that will be allowed to private enterprises has been increased from 127 to 2 thousand.

The government of President Miguel Díaz-Canel in the country that has experienced the worst economic crisis since the collapse of the Soviet Union announced that only 124 sectors will remain under state control.

 

Many Cuban economists in favor of reform have long argued that small private enterprises should be allowed to stimulate the economy and create jobs.

 

The economy in Cuba contracted by 11 percent last year, the country’s economy has been stagnating for a long time.

 

The currency peso lost value a few weeks ago in Cuba, which is in trouble due to the damage of the tourism sector by the coronavirus and the economic sanctions imposed by the USA.

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