Cuba's economy is experiencing a severe downturn, described as the worst in the 67-year history of its communist revolution, according to multiple accounts. The economic strain follows a U.S.-led military intervention in Venezuela, a key ally and oil supplier to Cuba.
The collapse of Venezuela's government, where President Nicolás Maduro was seized, has significantly impacted Cuba, which relied heavily on Venezuelan oil shipments. President Trump stated Sunday that Cuba is "going down for the count," suggesting the country's government is likely to collapse without direct military action.
Economist Omar Everleny Pérez, 64, based in Havana, noted the convergence of multiple factors contributing to the crisis. "I, who was born there, I, who lives there, and I'll tell you: It's never been as bad as it is now, because many factors have come together," Pérez said.
The economic downturn is characterized by widespread shortages and a decline in the social safety net, a system once a source of pride for Cuba's leaders, including Fidel Castro. While Cuba has faced economic challenges in the past, including mass migrations and food shortages, the current situation is described as an unprecedented "wholesale collapse."
The Trump administration has credited its policies toward Venezuela as a factor in Cuba's economic woes. The loss of Venezuelan oil revenue has created a significant financial strain on the Cuban government, impacting its ability to maintain social programs and import essential goods. The long-term implications of this economic crisis for Cuba's political stability and future are yet to be seen.
Discussion
Join the conversation
Be the first to comment