LatinNews Daily - 28 January 2022

In brief: Cuba approves more MSMEs

* Cuba’s economy & planning ministry (MEP) has approved 88 new micro, small and medium-size enterprises (MSMEs). In line with new legislation which took effect in September 2021, permitting MSMEs to incorporate for the first time since 1968, this brings the total number of MSMEs and non-agricultural cooperatives in the country to 1,707 (including 23 non-agricultural cooperatives), which the government says has created 27,395 new jobs. The legislation was the latest bid by the government to shore up the domestic economy, which shrank 11% in 2020 due to the coronavirus (Covid-19) pandemic and US economic sanctions, and is projected to have grown just 0.5% in 2021 on the latest (January 2022) forecast from the United Nations Economic Commission for Latin America & the Caribbean.

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