Cuba´s economic measures advancing without results

Cuba´s economic measures advancing without results

HAVANA, Dec. 11th  Speaking at the Economic Affairs Committee of the National Assembly of People’s Power (parliament), where President Miguel Diaz-Canel was present, Gil ratified that in spite of this, the country is not backing down and solutions to the problems are being sought in an adverse international context.

He pointed out that the preliminary forecast is to conclude 2022 with a gross domestic product (GDP) growth of 2 percent, from the 4 percent planned at the beginning of the year.

He said the export of goods managed to recover, since in numerical terms the Caribbean nation exported 8,717,000 dollars, higher than what was achieved in 2021, but below 2019, which is the year as a reference comparison to speaking of a true recovery.

However, Gil added, in the case of services, the results are still lower than expected, an aspect in which tourism and telecommunications have a negative impact.

The country reports the arrival of 1.7 million foreign visitors up to October, which is affected by several factors, such as the global economic crisis and the conflict in Ukraine.

This economic performance has its main effect on the lack of financial resources, which are needed in other sectors to revitalize the industry, expand the foreign exchange market and invest in agriculture, among others.

This monetary support must be obtained from exports, which is the only source of genuine income, stressed the Deputy Prime Minister.

He alluded to the slow recovery of national production, where almost no agricultural item complies with the plan, although they are growing with respect to the previous year.

In this sense, he pointed out that the country has only been able to allocate 10 percent of the fertilizers required, a decline to which the national industry must find necessary alternatives.

However, Gil assured that the measures for food production are progressing.

Another of the actions implemented this year, the reactivation of the exchange market, managed to collect 16.7 million dollars in four months, still insufficient, according to the Minister of Economy, however it allowed the gradual incorporation of economic players into this scheme so that this financing is reinserted in production and supply is generated in Cuban pesos.

He also pointed out that there are more than 60 foreign investors interested in participating in the retail and wholesale trade, some of which should materialize next year. This will have a positive impact on the increase of supply, in addition to enhancing the expansion and consolidation of supply markets.