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An Overview of Cuba’s Economy in the 2000s: Recuperation and/or Relapse – revised version: The Cuban Economy in the Twenty-first Century: Recuperation or Relapse? The Cuban Economy

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Abstract

This essay surveys and evaluates Cuba’s economic performance since its economic “melt-down” of 1989-1993, outlines the government’s policy responses, and explores Cuba’s economic prospects. By 1995, the Cuban economy began to recover with some positive results but also with continuing problems. An enduring economic recovery that allows for the recuperation of living standards and investment in social programs would require Cuban economic policy-makers to address a number of challenges. Among these are unifying the dualistic exchange rate system, increasing levels of savings and investment, expanding and diversifying merchandise exports, rethinking the policy environment for the sugar sector, redesigning the policy environment for micro-enterprise, and increasing the real value of budgetary revenues devoted to education, health and public services. Cuba’s economic management team does not appear to be addressing these issues effectively or seriously. Instead, Cuba will probably proceed on its current course for some time to come.

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  • Archibald R. M. Ritter, 2003. "An Overview of Cuba’s Economy in the 2000s: Recuperation and/or Relapse – revised version: The Cuban Economy in the Twenty-first Century: Recuperation or Relapse? The Cuban Economy," Carleton Economic Papers 03-03, Carleton University, Department of Economics, revised 2004.
  • Handle: RePEc:car:carecp:03-03
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    Keywords

    Cuba; economic performance; economic development; monetary policy; exchange rate policy; liberalization; micro-enterprise; export diversification;

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