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Weekly Report - 14 October 2021 (WR-21-41)
CUBA: More moves towards a mixed economy
Cuba’s economy and planning ministry (MEP) has announced the approval of a further 60 micro, small and medium-sized enterprises (MSMEs) and four non-agricultural cooperatives. In line with new legislation which took effect on 20 September, permitting MSMEs to incorporate for the first time since 1968, the move is the latest bid by the Partido Comunista de Cuba (PCC) government to shore up the domestic economy. This shrank 11% in 2020 due to the coronavirus (Covid-19) and US economic sanctions, the impact of which sparked unprecedented mass protests in July [WR-21-28]. The latest change follows the government’s February announcement that it would allow small private businesses to operate in most sectors and the unification of the currency system which took effect in January - another momentous policy shift which belies the dire state of Cuba’s economy.
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