Over 80% of Cubans are living in poverty, an economist estimates

As the largest island in the Caribbean, Cuba is rich in natural resources and beauty. It should be a rich nation with a thriving economy. Instead, it’s become a third-world country.

Via Periodico Cubano (my translation):

Economist Emilio Morales estimated that over 80% of the Cuban population currently lives in poverty, blaming the situation on the Business Administration Group of the Armed Forces (GAESA) and the First Secretary of the Communist Party of Cuba (PCC), Miguel Díaz-Canel.

In an interview with the independent media outlet CubaNet, the president and CEO of Havana Consulting Group recalled that since Raúl Castro’s successor came to power, unprecedented inflation has been unleashed, and the Gross Domestic Product (GDP), which measures the performance of the Cuban economy, has steadily declined.

However, the economist said that Díaz-Canel’s ineffective management is primarily due to his holding only a nominal position, without real decision-making power.

Morales emphasized that inflation has devastated the purchasing power of Cubans. The minimum wage of 2,100 pesos has devalued to the equivalent of five dollars and thirty cents, insufficient to cover even one day of basic expenses. This situation has plunged more than 80% of the population into poverty, with more than 8 million Cubans eating only once a day, and poorly at that.

The corrupt totalitarian dictatorship that has ruled the island for over 65 years has stolen everything of value and destroyed what is left, leaving the Cuban people to live in abject poverty. This is socialism in action.

5 thoughts on “Over 80% of Cubans are living in poverty, an economist estimates”

  1. People in a third-world dump are expected to be poor and miserable. Thus, the matter is attributed to a kind of inevitability, rather than the actual cause (whether out of ignorance or willful blindness). As usual, nobody especially cares about how bad things are in Cuba apart from the affected victims and “those people.”

  2. Is anybody able to name a single country under a socialist system which did not sank it into extreme poverty and indebtedness? China and Vietnam avoided disaster by kicking out the socialist system and adopting capitalism.

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