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March 23, 2023
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Regime forecasts 3% GDP growth by the end of the year

Alejandro Gil Fernández, Economía, Cuba, PIB

MIAMI, United States. — The Cuban regime forecast a 3% growth of the country’s Gross Domestic Product (GDP) for this year.

The projection was offered yesterday afternoon during the annual balance of the Ministry of Economy and Planning, chaired by the Cuban Prime Minister, Manuel Marrero Cruz, and by the head of the sector, Alexander Gil Fernandez.

In one of his speeches, Gil Fernández explained that the Cuban economy is facing a complex international outlook in 2023 due to a slowdown in the world economy caused by high inflation, the increase in interest rates and the reduction in investments.

In this sense, the official explained that the global economic stagnation “could generate tensions in the most vulnerable economies,” as is the case of Cuba.

“The outlook presents adverse risks, projections indicate that slow global growth could significantly affect commodity prices, which would undermine the economic activities of exporting countries. A further tightening of global financial conditions could also generate tensions in the most vulnerable economies”, indicated Gil Fernández.

An eventual growth of 3% of the national GDP would put the Caribbean island, mired in an economic crisis, above the average in Latin America, projected in the order of 1.3 percent by the end of the year.

In considerations reproduced by the state pressthe minister also blamed the US embargo for the difficulties of the Cuban economy.

“It is a year in which the economic, commercial and financial blockade imposed on us by the United States government persists, the inputs we import become more expensive, with an insufficient recovery of foreign currency income and with the forecast of promoting motor activities generators of exports, the establishment of priorities aligned to the objective situation and the necessary complementarity of the economic actors”, said the leader.

Gil Fernández warned that tourism and other productive sectors have shown a “more dynamic recovery”, which would put the country in a better condition to recover.

In the official’s opinion, the national economic outlook is also suffering from negative situations that are dragging on from 2022, such as partial dollarization in relations between companies and between these and the non-state sector, retail inflation, centralized access to foreign currency from sectors exporters, the effective insertion of new economic actors, and the negative results of the state business system, which has more than 400 companies with losses.

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