Author: Carla G. Colomé

Cuban authorities have openly acknowledged that the country is facing a crisis akin to a “war-time economy,” surpassing the challenges of the 1990s Special Period. The government led by Miguel Díaz-Canel has unveiled a new set of measures to promote macroeconomic stability, including budget cuts, equal pricing policies, and regulatory adjustments to address distortions and revitalize the economy by 2024. The country suffered from 30% inflation, a 2% economic contraction, and over 50% depreciation of the Cuban currency against major currencies in 2023. The term “war-time economy” is being used to justify stringent control measures, centralizing decision-making on the national…