Posted on 12/28/2018 6:24:15 AM PST by C19fan
Cash-strapped Cuba plans fresh austerity measures and will pressure the sluggish bureaucracy to tighten its belt and cut red tape to address weak growth, falling export earnings and rising debt.
The economy has averaged 1 percent annual growth over the last three years, compared with a 5 percent to 7 percent rate economists say is needed to recover fully from a 1990s depression caused by the fall of its former benefactor, the Soviet Union.
(Excerpt) Read more at reuters.com ...
It's free alright....but remember....you get what you pay for!
There is no way in Hades that country ever achieves a 5% growth rate.
They need a “Green New Deal”
That’ll fix all their problems.
What exactly does Cuba export? Cigars? Sugar cane? Misery?
Surprising that Reuters would run this story. If the whole island starved to death, I doubt we’d hear a word. Like Venezuela.
“What exactly does Cuba export? Cigars? Sugar cane? Misery?”
They were exporting doctors and military to Venezuela, but I don’t know what now that Maduro has pretty much drained the country of anything valuable.
Cuba has the ability to export lots of goods but lacks the system to create them. Farmers need to make money to grow things. The Cuban government wants to prevent that from happening because it is empowering.
I think we may be seeing a “2fer”. Venezuela propped up Cuba for years and Cuba sucked them dry. Now they’re both broke and things can only get worse. :)
This is the peril of having ‘fiat’ money that is based on nothing. It is so easy to spend.
Well, years ago they exported at least one doctor to Bolivia. But I think they got him back.
They were exporting doctors and military to Venezuela, but I don’t know what now that Maduro has pretty much drained the country of anything valuable.
Cuba's main export is doctors
It brings in about $11 Billion/year, whereas their export of commodities, i.e. sugar, nickle, tobacco, liquor, etc. brings in only about $1.2 Billion/year. Link
The Cuban doctors are tired of being treated like slaves Link and are often leaving medicine to become cab drivers which is 100 X more lucrative in Havana. Tourism may now be in decline, however with the Trump administration. I visited Cuba and unfortunately arrived the day Castro died which caused a week of mourning and no music and very limited alcohol sales which was a real bummer.
Leftist tourism just didn’t cut it, right?
Austerity in Cuba ?
Probably compares with Venezuela
No dog for you !
They had a story the other day how the buildings and stairways in Havana. Are falling down and killing people. Ho hum. Commie land reality
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