Cuba’s Economy in Comparative Perspective

Since Raúl Castro assumed the presidency in 2008, Cuba has been engaged in a process of updating its economic model to encourage sustainable economic growth, facilitate Cuba’s international economic integration and contribute to the efficiency and competitiveness of its economy. Important progress has already been made: over 500,000 small-scale businesses are licensed throughout the island, most Cubans are now free to travel abroad and the use of mobile telephones and the internet are slowly expanding. However, many challenges remain in shaping comprehensive economic strategies, including attracting and retaining foreign investment and establishing the necessary institutions to support economic activities. With currency unification planned by 2016 and Raúl slated to step down in 2018, Cuba’s path forward remains uncertain.

On November 7, Foreign Policy’s Latin America Initiative at Brookings hosted the launch of a new report, “Cuba’s Economic Change in Comparative Perspective,” featuring co-editor Richard Feinberg. The report explores the progress that has already been made and the challenges ahead in Cuba’s economic path, and offers recommendations based on examples of economic restructuring from around the world.