Cuba Opens Up to Private Business to Revive Economy

Cuba Opens Up to Private Business to Revive Economy

The state controls most of Cuba's business under the country's socialist system - Image Source: Pixabay

AFTER DECADES of socialist state control over most types of business, Cuba will allow private enterprises to open and operate in a bid to revive its poor economy.

Since becoming a socialist state after the famous revolution of 1959, the Cuban government has owned and controlled most of the country’s industries and businesses.

In a bid to recover Cuba’s economy – which shrunk by a massive 11% last year due to Covid-19 and US sanctions – the government has announced that they will allow more private businesses to operate across many sectors.

Currently, private business in the Caribbean country is largely confined to the tourism industry. Labour Secretary Elena Feito has now announced that the number of sectors available to private enterprise will jump from just 127 to over 2000 under new reforms.

“That private work continues to develop, is the objective of this reform,” Ms Feito was quoted by AFP as saying. She emphasised that this “will help free the productive forces” of the private sector – without saying which industries would no longer fall under state control.

Cuba is seen by many as an example of why state socialism cannot adequately function – with many locals unable to afford basic goods in the country’s weak economy. Others say that Cubans are merely the victims of US sanctions – with the capitalist superpower unable to tolerate a socialist state so close to it.

Thank you for taking the time to read this news article “Cuba Opens Up for Private Business to Revive Economy”. For more UK daily news, Spanish daily news, and Global news stories, visit the Euro Weekly News home page.

Author badge placeholder
Written by

Oisin Sweeney

Oisin is an Irish writer based in Seville, the sunny capital of Andalucia. After starting his working life as a bookseller, he moved into journalism and cut his teeth as a reporter at one of Ireland's biggest news websites. Since joining Euro Weekly News in November, he has enjoyed covering the latest stories from Seville, Spain and further afield - with special interests in crime, cybersecurity, and European politics. Anyone who can pronounce his name first try gets a free cerveza...