The scale of this exogenous shock is evident from the comparative data on export earnings, external credit and import capacity.
The law extends foreign investment to all sectors except health care, education and armed forces, and exempts foreign investors from personal income tax, labor tax and taxes on select imports. CreditTomas Munita for The New York Times There was also public pushback against a draft law prohibiting the accumulation of private property.
Anderson is a journalist who has written extensively about Cuba. Cuban economic performance since the global financial crisis has been weaker than expected, with average annual gdp growth of less than 3 per cent, repeatedly missing targets.
Buying a house requires registering the property in the state real estate registry, but only 17 percent of owners have done so. Only a few of the officially sanctioned categories could qualify as skilled jobs. These forums convened over the next few months to consider the proposals for cutbacks; the final package was not introduced until their deliberations were complete, in May Now we must look ahead to other moves - economic, diplomatic, and strategic".
Thousands of little snack bars and restaurants have transformed the physical appearance of Cuba's cities and towns. But now a growing number of Cubans were either receiving family remittances in dollars or obtaining hard currency informally or illegally through the tourist trade.
Sixty years after the revolution, a Communist stalwart may be moving closer to democracy.