It is not the monetary order that causes inflation and Cuba’s economic problems, said Economy and Planning Minister Alejandro Gil in a video on Twitter.
It is the continuation and hardening of U.S. sanctions AND global pandemic conditions. Let us not forget is Cuba has experienced and survived these sanctions for over 60 years. To consider the economy without taking into account these two facts is equivalent to playing ostrich and burying one’s head in the sand.
Like the rest of the world, inflation in Cuba is running at an all-time high. But, it is not only a Cuban problem. It’s a global issue. Pandemic conditions have sent inflation raging in Latin America, the United States, and elsewhere. Tourism has shut down, labour markets are unstable, manufacturing and production have operated under a start-up and lock-down schedule, and global supply chains have seized up. Food, energy, and housing prices have soared.
From the video on Twitter, points to consider on the monetary order and inflation.
From our staff writers and editors.
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