Boosting the economy, key to Cuba’s development

Havana, Dec 28 (Prensa Latina) Under a hardening siege by the United States, Cuba is looking inward to boosting its economic potential, which will allow to raise the living standards of the population.

By 2020, the government estimates a one percent growth of the Gross Domestic Product, an insufficient figure to reach the necessary rates of development, but positive if one takes into account the intensification of the blockade of Washington and the weakening global economic outlook.

During a recent meeting of the Council of Ministers, President Miguel Diaz-Canel called for unleashing the productive forces, although without privatization, but rather by boosting state-owned company, which in 2019 benefited from 28 measures to that end.

Increasing foreign investment, increasing efficiency, perfecting the work of the government, modernizing the banking system and complying with the housing construction plan were some of the priorities he highlighted for next year.

Increasing income and exports of goods and services, as well as prioritizing national production are other key issues of the Cuban economic strategy, which is suffering the consequences of the White House’s punitive policies.

At the recent session of the Cuban Parliament, Economy Minister Alejandro Gil insisted on the need to take advantage of the installed productive capacities to substitute imports, in view of the country’s foreign currency shortage.

Therefore, the authorities plan to grant an additional US$240 million to the industry and agriculture next year, which will have an impact on import substitution and retail trade circulation.

According to official figures, 40 percent of purchases from abroad are for food and fuel.

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