Cuba is going through its worst economic crisis in 30 years. Since 2020, Cubans have suffered falling wages, deteriorating public services, regular power outages, severe shortages and a growing black market. Hundreds of thousands of people have fled the country.
Cuban annual GDP growth, 2017–2023. Oficina Nacional de Estadísticas e Información, CC BY-NC-SA
The effect of US sanctions
The effect of US economic coercion is less obvious, but no less significant. Cuba has been under a US trade embargo for the past 60 years, but a new stream of measures was introduced under the presidency of Donald Trump (2017–21). Trump’s policies cut earnings from services, interrupted fuel supplies, blocked remittances and deterred foreign investment.
Looking for a way out of crisis
Discontent fuelled by COVID restrictions and widespread shortages resulted in protests, revealing dissatisfaction with how Cuba’s leaders had responded to these challenges. Officials are seen as having been slow to fully acknowledge the government’s miscalculations or the degree of hardship that is being experienced by Cuban households.
As the rate of inflation gradually eases, the government is starting to outline a recovery strategy. With no end to US sanctions in sight, the focus is on reforming the economic system.
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