In 2024, the Cuban government’s efforts to stabilize the economy did not yield the expected results. Despite implementing a program to address the deep economic crisis, the country still faces challenges.
The prolonged economic crisis, exacerbated by the effects of COVID-19 and the illegal US blockade, has led to a second consecutive year of recession. The country has also been hit hard by natural disasters, further impacting its economy.
While some progress has been made in stabilizing the exchange rate and reducing the fiscal deficit, Cuba continues to face significant challenges in terms of stagnant productivity and high inflation. The economy remains in a grave crisis, with implications for the population’s quality of life.
Economist Joel Ernesto Marill highlights the importance of fiscal stability and the need for structural reforms to address Cuba’s economic challenges. Despite some improvements, the country’s economy is still struggling to recover from years of limitations and external pressures.