Cuba continues to make changes to economic model

Ronny Curvelo | Press TV, Havana | April 26, 2014

Three measures that directly affect the public are the monetary unification, with the future use of a new strong currency; the new policy of selling real estate and automobiles, approved after more than half a century of restrictions; and the authorization to work as a self-employed or have your own business.

Newly created foreign investment law brings economic growth

Another public intervention that should give a bust to the country’s economic indices is the newly created foreign investment law, which will make the country more attractive to foreign capital, through the Special Development Zone at the new Port of Mariel. According to the officials this proves that the U.S. blockade has long lost its reason to exist. Cuba’s good relation with Iran, China, Brazil, Venezuela and other Latin American states have helped them to improve their economy in the last decade. Cuba’s Gross Domestic Product grew by 3.1 % in 2012. However, problems remain as an over five-decade-long US blockade has caused low productivity and lack of spare parts as well as external finance.

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