MIAMI, United States. – Cuba’s inflation rate is the second worst in the world and is only surpassed by that of Zimbabwe, according to Steve Hanke, professor of Applied Economics at Johns Hopkins University, in the United States.
“The economic collapse knows no limits in the communist paradise of Cuba”, tweeted the expert. “Cuba ranks second in this week’s inflation summary. On August 18, I measured inflation in Cuba and it reached an amazing 135% per year,” he added.
On Twitter, Hanke also posted the updated chart of his measurement. According to his parameters, Zimbabwe outperforms Cuba with 479% inflation. Meanwhile, Turkey follows the Island in third place and accumulates 132%.
This is followed by Sri Lanka (104%), Lebanon (89%), Ghana (77%), Argentina (75%), Laos (72%) and Venezuela (67%).
Hanke also measured inflation around the world last June, at which point Cuba reached 70%. From June to August, the Island has climbed five positions.
Although Hanke does not use official figures from the Cuban regime for his measurement ―since the island’s authorities do not usually publish those numbers―, his measurement supposes the worsening of the country’s economic situation.
Cuba is going through one of the worst crises since the so-called Special Period, a time of extreme hardship that came after the fall of the field of Soviet Socialist Republics (USSR) in 1991.
The crisis on the Island is marked by the lack of food, hygiene products, medicine and other essential items. Likewise, due to the electricity generation deficit and the general health crisis after the COVID-19 pandemic and an incipient dengue epidemic.
In this context, the Cuban authorities announced new measures for foreign trade and internal trade, in order “for Cuba to recover from the complex economic situation facing the country and to move forward progressively.”
The implementation of the new measures announced, which aim to open wholesale and retail trade to foreign investment and try to end the shortage of food and other products in Cuba, will be “coupled with control and monitoring mechanisms to guarantee its effectiveness. , because the purpose is to increase supply levels and stabilize offers in establishments,” the First Deputy Minister of Foreign Trade and Foreign Investment, Ana Teresita González, said on national television.
Receive information from CubaNet on your cell phone through WhatsApp. Send us a message with the word “CUBA” on the phone +1 (786) 316-2072, You can also subscribe to our electronic newsletter by giving click here.
