Cub A Long Time

952 Words Sep 29th, 2015 4 Pages
For a long time, Cuba faces the facts that the basic industries in Cuba lags, that 80% of food relies on imports, and that implements long-term rationing, the pillar industries and important economic sources of finance in Cuba are tourism and the exports of sugar and nickel. With the advancement of economic reforms, while maintaining macroeconomic stability, Cuba tried to expand domestic growth sources within its capacity. For instance, as of 2013, the total number of tourists reached 2.83 million, which arrived at a peak. In terms of adjusting industrial structure, Castro launched energy revolution aiming at energy efficiency and renewable generation. However, to help deeper economic reforms and development, active financial and currency policy are needed.

Economy profile. Cuba practices planned economy on the basis of socialist public ownership, which means although there still remains foreign investment, the government overseas. After the success of Cuban Revolution in 1959, Fidel Castro announced a policy that nationalized 90% of the manufacturing industry and 70% of agriculture. However, the government offers free education and health care, compensation as well as retirement benefit.
According to the World Bank, as of 2013, the Gross Domestic Product (GDP) in Cuba was 77.15 billion U.S. dollars, which represents 0.12% of the world economy. The GDP reached its peak in 2013 while a lowest record of 5.69 billion dollars in 1970. In…

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