Cuba relaxed economic policy and expanded private operations economy

Cuba relaxed economic policy and expanded private operations economy

The Cuban government on Saturday (6) announced a substantial increase in private activities in various sectors, which means a major reform in this socialist country in which the state and its companies dominate the economy.

The measure, announced in August by the Labor Minister, Marta Elena Phyto, was approved by the Council of Ministers on Friday, reported the ruling Communist Party newspaper (PCC, only).

Woman applauded from the balcony of her home on the occasion of Labor Day in Havana, Cuba

According to Feito, as part of an “improvement of autonomous (private) work”, the “previous list which included 127 activities” that Cubans could legally perform was abolished and it was called “more than 2,000 Extended to activities in which it allows its own exercise “- unemployment itself”.

The official said that only 124 activities are limited, wholly or partially, but did not provide details.

The reform is intended to facilitate “the development of autonomous work”, he said, adding that it would remove the shackles of productive powers and allow Cubai to open businesses with a broader profile.

The government can carry forward its activities for a decade, focusing on gastronomy, transportation and rental rooms for tourism.

The island of 11.2 million inhabitants currently has more than 600 thousand self-employed workers, representing 13% of the country’s workforce.

That area has been “severely affected by the intensification of the United States blockade under Donald Trump’s previous administration”, and “even by the effects of the epidemic” of coronovirus, Feto said.

Economy Minister Alejandro Gill said that Cuba is taking “an important step towards increasing employment, in line with the country’s monetary system,” including the complex economic reforms that took place on January 1 and the decline in GDP after the difficult period of 2020 Referring to. 1 1%.

It is “good news” and “definitely a step in the right direction”, although “unfortunately took too long,” economist Ricardo Torres told the University of Havana.

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Muhammad Wayne

About the author: Muhammad Wayne

Wayne is a reporter who covers everything from oil trading to China's biggest conglomerates and technology companies. Originally from Chicago, he is a graduate of New York University's business and economic reporting program.

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