Cuban economy shrinks amid ongoing challenges and economic sanctions
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The Cuban economy has shrunk by 11% in 2020 due to ongoing challenges and economic sanctions. The country's economy has been hit hard by the COVID-19 pandemic, as well as the tightening of economic sanctions by the United States. The decline in tourism, a major source of revenue for Cuba, has also contributed to the economic contraction. The government has implemented measures to mitigate the impact, including currency unification and allowing limited private sector activity. However, these measures have faced challenges and have not been sufficient to revive the economy. The Cuban government is now focusing on attracting foreign investment and promoting exports to stimulate economic growth. Despite the challenges, the government remains committed to its socialist model and has emphasized the importance of self-sufficiency and resilience.

#Cuba #Economy #EconomicSanctions #Covid19 #Tourism #CurrencyUnification #PrivateSector #ForeignInvestment #Exports #SocialistModel

https://news.google.com/rss/articles/CBMicWh0dHBzOi8vbGF0aW5hbWVyaWNhbnBvc3QuY29tL2Vjb25vbXktZW4vY3ViYW4tZWNvbm9teS1zaHJpbmtzLWFtaWQtb25nb2luZy1jaGFsbGVuZ2VzLWFuZC1uZWNlc3NhcnktYWRqdXN0bWVudHMv0gEA