Is Cuba Finally Ready for Capitalism?
Cuba’s economy is under severe pressure from tightening US sanctions, shrinking tourism and the loss of past economic lifelines from the Soviet Union and Venezuela. Cuban lawmakers have passed 176 free-market reforms aimed at expanding foreign and private investment, decentralizing the economy and liberalizing sectors including tourism, banking, property and agriculture. But economists and Cuban-American investors say Havana faces a credibility problem: the government has promised reform before, and it remains unclear whether it will truly reduce state control or simply buy time. Tourism could be an early opportunity if sanctions ease, but investors say Cuba will need legal, political and institutional change before capital returns at scale.
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