The Modest Growth of the Cuban Economy Falls Short of Expectations

The Modest Growth of the Cuban Economy Falls Short of Expectations /

14ymedio

Posted on June 25, 2014



14ymedio, Havana | June 23, 2014 — The Cuban economy is growing at a

rate slower than the official forecasts, according to data announced by

the Minister of Economy and Planning, Adel Yzquierdo Rodriguez. He said

that during the first half of this year the GDP (Gross Domestic Product)

will increase by just 0.6%, but will improve during the following months

to an increase of 1.4% by the end of the year. However, independent

analysts question these expectations and believe they are not a

realistic reflection of the state of the economy.



The Cabinet last Saturday presented details about "the difficulties that

continue to damage the Cuban economy." Rodriguez blamed the failure of

the Plan's objectives on the "adverse weather conditions" and "the

complex international situation."



The Minister of Finance and Prices, Lina Pedraza Rodriguez, noted a

substantial drop in productivity in 124 companies, which had planned a

positive balance but ultimately had losses.



At the meeting, the ministers also addressed the issue of monetary

unification. The head of the Permanent Commission for Implementation and

Development, Marino Murillo Jorge, explained that this measure "will not

by itself solve all the problems of the economy," but requires the

implementation of other policies aimed at increasing the efficiency and

level of productivity of labor.



In addition, the officials said that, at the end of May, around 467,000

people were self-employed, but they have not provided any statistics on

the high number of the self-employed who have ceased their activities.



Source: The Modest Growth of the Cuban Economy Falls Short of

Expectations / 14ymedio | Translating Cuba -

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