Raul Castro Acknowledges “Modest” Performance of Cuban Economy

Raul Castro addressing the Cuban parliament on July 5, 2014. Foto: Cubadebte.cu

HAVANA TIMES – Cuban President Raul Castro acknowledged on Saturday that, despite his government’s recent market reforms, the island’s economy has had only a “modest” performance in 2014, DPA reported.

In the first half of the year, the Cuban economy maintained a modest growth tendency,” Castro pointed out during a session of Cuba’s National Assembly (Parliament).

Recently, the Cuban government lowered its economic growth prediction for 2014 from 2.2 to 1.4 percent, owing to a “deceleration of the economy greater than predicted.”

“The Gross Domestic Product (GDP) grew by 0.6 percent (in the first half of 2014). This denotes a decelerated growth rate for this indicator,” Raul Castro explained to the legislators, attributing the low figure to the lack of “foreign revenue”, “climatic conditions” and the “internal shortcomings” of the island’s State economic management.

Despite growth in the sugar, tourism and agricultural sectors, Cuba reported a downward trend in mining and industry, he added.

The Cuban president also blamed some of the country’s difficulties on the “global economic crisis” and the United States’ economic embargo on the island.

Castro  directly referred to the record fine of nearly 9 billion dollars (6.6 billion euros) applied to the French bank BNP Paribas by Washington for doing business with Cuba, Iran and Sudan, in violation to the commercial sanctions imposed on these countries by the United States.

The 83-year-old Castro also stressed that the market reforms implemented over the past several years are entering “a qualitatively higher phase, in which more complex and far-reaching decisions are being evaluated.”


11 thoughts on “Raul Castro Acknowledges “Modest” Performance of Cuban Economy

  • Fidel & Raul Castro’s father, Ángel Castro y Argiz, was born in Spain. He came to Cuba as a Spanish soldier to fight against the Cuban people in their War of Independence. After the war, he returned to Spain for a while before emigrating to Cuba in 1905. He worked a few years for the United Fruit Company, took his pay, bought a mid-sized plantation and settled down to a moderately affluent life in in Birán, Oriente Province.

    Fidel & Raul were born the illegitimate sons of Ángel’s housemaid, Lina Ruz González. When Fidel was about 8 his parents married.

    One can discern the outlines of several seeds of bitter resentment and antagonism forming in the brother’s childhood.

    There is nothing remotely “autochthonous” about the Soviet economic system Fidel imported from Russia, nor the East German Stasi trained state security apparatus he used to maintain his grip on absolute power. Note that the word is popular among leftist apologists for the Castro regime, and so it is obvious John has been doing his assigned reading.

Leave a Reply

Your email address will not be published. Required fields are marked *