Cuba's economy is experiencing a severe downturn, described by some as the worst in the 67-year history of its communist revolution, following a shift in political power in Venezuela. The economic strain comes as the Trump administration declared a military victory in Venezuela, seizing President Nicolás Maduro and claiming control over the country, a development that has significantly impacted Cuba's economic stability.
The island nation, which relied heavily on oil shipments from Venezuela under Maduro's leadership, now faces a critical shortage. "It's never been as bad as it is now, because many factors have come together," said Omar Everleny Pérez, a 64-year-old economist in Havana, highlighting the convergence of challenges facing the Cuban economy. The loss of Venezuelan oil has disrupted Cuba's energy sector and broader economy, which was already struggling with inefficiencies and limited access to international markets.
The economic decline is characterized by widespread food shortages and a weakening social safety net, according to reports from residents. While Cuba has faced economic hardships in the past, the current situation is described as a "wholesale collapse" of the social support systems that the government had long prioritized.
President Trump commented on the situation, stating on Sunday that Cuba was "going down for the count," suggesting that the government was likely to collapse on its own without the need for military intervention.
The future economic trajectory of Cuba remains uncertain, with analysts closely monitoring the government's response to the crisis and potential shifts in international relations. The situation in Venezuela and its impact on Cuba underscore the interconnectedness of regional economies and the vulnerability of nations dependent on specific trade relationships.
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