Cuban Government Struggles to Revive Economy Amid Unprecedented Crisis

Cuba's leadership acknowledges that while steps are being taken to revive the island's failing economy, progress is slow. Millions are without essential services like water and electricity. Economic measures have been introduced, but internal inefficiencies and external factors exacerbate the situation, contributing to mass emigration and severe basic goods shortages.

Cuba's top leadership confessed that their efforts to revive the nation's crippled economy are advancing at a sluggish pace, causing significant hardship for millions of citizens who lack basic utilities such as water and electricity. The communist-run island is in the throes of an unprecedented economic crisis, according to a state-run media report.

Economic minister Joaquin Alonso informed the Council of Ministers on Sunday that, "The government plan to correct distortions and revive the economy is a process that is advancing, but not at the speed we want," as reported by Granma, the communist party's newspaper. Since July, the government has implemented various measures to alleviate consumer pain, including capping prices, slashing budgets, and reforming private business rules to boost tax revenue.

Despite these efforts, Prime Minister Manuel Marrero acknowledged that the benefits of these measures have yet to reach ordinary Cuban families, though some organizational progress has been noted. He blamed not only the Cold War-era U.S. trade embargo and COVID-19 pandemic for the crisis but also recognized internal inefficiencies within Cuba's state-run model as contributing factors. More than one million Cubans have emigrated since 2020, worsening the situation at the U.S. border.

(With inputs from agencies.)