Cuba pushes through sweeping free-market reforms in biggest economic shift since the revolution
Observers call the new measures the most significant overhaul of Cuba's communist economy since the revolution as the nation seeks to decentralize state control
On Friday, observers characterized Cuba's newly introduced free-market reforms as the most sweeping economic overhaul of the island's communist system since the historic Cuban revolution. The major policy shift is aimed at revitalizing the nation's struggling financial system. Highlighting the necessity of these changes, the grandson of former President Raúl Castro stated in an interview that Cuba must actively seek new ways to move its economy forward.[1][2][3][4]
The newly announced measures are slated to further decentralize Cuba's state-run economy, which has been left gasping in recent years due to a tightened embargo implemented under U.S. President Donald Trump. Under the island's long-standing economic model, the central government has largely determined what goods are produced, which entities produce them, the exact prices at which those goods are sold, and how the country's resources are allocated.[1][3]
