Cuba Faces Worst Economic Crisis in Decades Amid Sanctions, Tourism Decline and Resistance to Reforms
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Cuba's economy is in its worst state since the 1990s, with high inflation, contracting GDP, and mass migration.
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Tightened US sanctions, reduced tourism, and less Venezuelan oil have exacerbated Cuba's problems.
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The regime is reluctant to allow further private sector growth despite past reforms. More reforms are still resisted by elderly Communist party leaders.
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Two-currency system distortions remain, with black market exchange rates far exceeding official ones, benefiting the rich.
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Minor tweaks announced recently are unlikely to stem Cuba's economic decline without bolder reforms opposed by regime insiders.