Cuba passes sweeping free-market reforms in biggest economic shift since revolution
Summary
Cuba has introduced 176 new free-market reforms designed to change its state-controlled economy, allowing more private businesses, foreign trade, and investment. The reforms come amid harsh U.S. sanctions under President Donald Trump's administration, which have caused energy shortages and economic difficulties on the island.Key Facts
- Cuba passed 176 measures to decentralize its economy and reduce government control.
- The reforms allow private businesses, imports and exports without government control, private hiring, private banks, and investment by Cubans abroad.
- Fast-food chains will be permitted to open in Cuba for the first time.
- Cuba’s economy has struggled under tightened U.S. sanctions imposed since January 2024.
- Blackouts lasting up to 20 hours have impacted health services, transportation, and education.
- Cuban leaders say the reforms are inspired by Vietnam and China’s economic models.
- U.S. sanctions limit the effectiveness of the reforms by blocking investment and trade.
- Cuba’s leaders and officials say the island is not a threat to the U.S. and seek economic diversification.
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