In a recent statement, Cuba's Minister of Economy, Joaquín Alonso Vázquez, claimed that the nation's economy is "getting some breathing room," despite admitting he "suspects" there will be no economic growth in 2024. According to a report by Canal Caribe, the minister suggested that macroeconomic indicators are "improving," although the figures tell a different story, with annual inflation reaching 28% in October.
Renowned economist Pedro Monreal described these assertions as a "delusional diagnosis" and criticized the disconnect between the official narrative and the economic reality. "Far from 'getting some breathing room,' the Cuban economy remains stifled by persistent stagflation, a structural crisis blocking development, and markedly incompetent economic policies," he stated on his social media platform, X.
Misguided Optimism and Economic Reality
Monreal emphasized that the minister's optimism seems to be built on shaky grounds, overlooking the structural issues hindering the country's growth. He also pointed out that the alleged improvement in macroeconomic parameters is largely due to a "brutal compression of worker compensation," which has further deteriorated the living standards of Cuban households. The economy isn't improving; Cubans are merely surviving with less, he concluded.
Growing Precarity and Criticism
The combination of inflation, economic stagnation, and falling wages is keeping the population in a state of increasing precarity. Criticism of the government for its ineffective policies and manipulation of statistics is mounting, with many analysts agreeing that without deep structural reforms, the crisis will only worsen.
In a context of crisis and internal tensions, these statements heighten concerns about the future direction of Cuba's economy.