Economy of Cuba is Collapsing

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The Cuban government said that it would allow private businesses to operate in most sectors of the country, in the biggest reform to its state controlled economy for years.

Labor Minister Marta Elena Phyto said the list of authorized private businesses would increase from 127 to 2,000.

The Minister said that a less number of industries are allocated for government industries.

Because of the US sanctions imposed by the administration of Trump and the devastating effects of the Covid-19 have hit the communist economy hard.

The economy shrank by 11% during last year. It is the worst in nearly three decades. Cubans also face a shortage of basic necessities.

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