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realclearworld

Cuba still next to last in Index of Economic Freedom

The 2013 Index of Economic Freedom is out, and Cuba remains next to last place, above only North Korea.

Cuba’s economic freedom score is 28.5, making its economy one of the world’s least free. Its overall score is 0.2 point higher than last year, with a notable decline in monetary freedom counterbalanced by gains in freedom from corruption and fiscal freedom. Cuba is ranked least free of 29 countries in the South and Central America/Caribbean region, and its overall score is significantly lower than the regional average.

Cuba scores far below world averages in most areas of economic freedom, and its economy remains one of the world’s most repressed. The foundations of economic freedom are particularly weak in the absence of an independent and fair judiciary. No courts are free of political interference, and pervasive corruption affects many aspects of economic activity.

As the largest source of employment, the public sector accounts for more than 80 percent of all jobs. A watered-down reform package endorsed by the Cuban Communist Party in April 2011 promised to trim the number of state workers and allow restricted self-employment in the non-public sector, but many details of the reform are obscure and little progress has been observed. The private sector is severely constrained by heavy regulations and tight state controls. Open-market policies are not in place to spur growth in trade and investment, and the lack of competition stifles productivity growth.

[...]

A one-party Communist state, Cuba depends on external assistance (chiefly oil provided by Venezuela’s Hugo Chávez and remittances from Cuban émigrés) and a captive labor force to survive. Property rights are severely restricted. Fidel Castro’s 81-year-old younger brother Raul continues to guide both the government and the Cuban Communist Party. Cuba’s socialist command economy is in perennial crisis. The average worker earns less than $25 a month, agriculture is in shambles, mining is depressed, and tourism revenue has proven volatile. But economic policy is resolutely Communist, and the regime rejects any moves toward genuine political or economic freedom.

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