Cuba has a stalinist command control state capitalist economic system with, since the late 1990’s a partial opening for foreign investors (nickle, tourism,) through a system of “mixed capital” companies nearly all with a majority of the share - 51% and upwards - owned by the regime or some of the elite.
And cuba’s system of two parallel currencies – one peso for everyday transactions among ordinary cubans, and a “convertible peso” for the tourism industry, foreign trade and the private sector – combined with multiple exchange rates complicates any international comparisons or discussions about the relative size of different parts of. On the heels of the announcement of the restoration of us-cuban diplomatic relations on july 20, cuba’s removal from the us state sponsors of terrorism list, and the re-opening of embassies in the two countries, we mined the considerably large trove of recent brookings content to find some of the most interesting facts about cuba.
Cuba plummeted into an economic depression known as the special period, in which people were forced to go without gasoline and electricity parts of the country even suffered from famine when the government failed to ensure a proper harvest. Economic freedom in 2014 cuba’s economic freedom score was 287, making its economy one of the world’s least free its overall score was 02 point higher than last year, with deteriorations in trade freedom, fiscal freedom, monetary freedom and freedom from corruption counterbalanced by an improvement in business freedom.
The economy of cuba is a largely centrally planned economy dominated by state-run enterprises overseen by the cuban government, though there remains significant foreign investment and private.
Cuba's economy president raul castro said cuba is going through some adverse circumstances and but rejected any notion of an imminent economic collapse the socialist leader addressed his country during a plenary session of the national assembly in havana. Getting a handle on even basic information about cuba’s economy is difficult, for a number of reasons the government still dominates economic activity on the island, both directly and through heavily subsidized state-owned enterprises national statistics are not always complete or reliable.