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Cuba forecasts 2% economic growth for 2024

Havana, Dec 20 (Prensa Latina) Cuba is projecting for 2024 a gross domestic product (GDP) growth, at constant prices, of around two percent, Deputy Prime Minister and head of Economy and Planning, Alejandro Gil, said.

Speaking on the first day of the Second Ordinary Period of Sessions of the National Assembly of People’s Power (parliament) on Wednesday, Gil said that the country is also planning an inflation rate of 20–25% for next year.

Among the objectives of the national economy, he listed progress in the implementation of the Macroeconomic Stabilization Program with the establishment of a monetary, exchange, financial, and fiscal environment that will allow better conditions for the recovery and growth of the economy, the convertibility of the national currency, and the reduction of inflation.

The island will also pursue the goal of increasing and diversifying the country’s external income, boosting productive activity, and advancing the development of the country’s business system and the integration of all economic actors.

It also foresees the transformation of the structures and incentive schemes of the socialist state enterprise with access to financial mechanisms, greater participation in national production, and its link to territorial development.

Another of the main objectives, he emphasized, is to improve social protection mechanisms and systematize the identification of vulnerable segments of the population.

He also said that the country will focus on food production, which must be increased to increase the supply to the population.

He pointed out that a slight recovery of the sugar industry is projected, with a raw sugar production of 412 thousand tons and refined sugar production of 60 thousand tons, 20.6% and 12.8% higher than estimated for 2023, respectively.

In the transportation activity, on the other hand, a gradual recovery is expected, with a 29% increase in cargo to be transported and a 25% increase in the number of passengers to be moved.

For its part, the state-owned business system foresees a five percent increase in net sales; however, according to the minister, progress will have to be made in the modifications to the mechanisms for the allocation of resources and its institutional scheme.

He also explained that the investment plan forecasts a total budget of 125,365 million pesos.

He stressed that the success of the implementation of all the objectives and goals will depend on the possibility of articulating the various fiscal, monetary, and exchange rate policy proposals in a correct execution sequence, which will maximize their positive impacts and mitigate their potential negative effects.