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Cuban Economic Crisis

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In Latin America, only 8 countries have unemployment insurance, the most economically and socially developed. The purpose of this insurance is to keep part of the wages of workers during a recession or economic cycle. But in Cuba, predominant unemployment is not cyclical, but structural or chronic (or underemployment), so these programs would benefit only an exiguous minority of the workforce. Cuba unemployment rate is 3.8% Ranked 98th while the United States unemployment rate is 8.1% Ranked 47th. 2 times more than Cuba ("The United States Unemployment Rate | 1948-2017 | Data | Chart | Calendar,"). Although, Cuba unemployment rate it seems lower than the U.S, lack comparable unemployed subsidies. More than half their wage labor force, not including…show more content…
The economic system faces many complicated demanding situations in keeping its social and monetary project and retaining the capacity to increase the well-being of its population. Social and monetary distortions should be confronted, and time is short. internal factors that preserve to constrain financial increase ought to be triumph over in the quick to medium term. Among them are shortages of hard forex, inflicting customer needs to go unmet. Cuba’s manufacturing specialization should be changed notably, from an economic system based on the exploitation of natural assets to at least one based on the in-depth use of understanding. Cuba’s sturdy potential in understanding-extensive development does no longer via itself assure positive outcomes. The strategic mission is to grow, as different advantages derive from growth. however, new springboards should be found to grow production. Overall performance is declining in sectors and activities such as tourism that have been used to growth manufacturing inside the past. Cuba needs to address a number of daunting challenges. these include expanding and diversifying exports, growing investment stages, terminating the monetary and institutional dualism, developing the precise environment for self-employment and small and medium scale company, and addressing different institutional and coverage problems and information
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