Cuba's Economic Reform Process: Challenges and Prospects

Abstract

Initiated in the 1990s, the economic reform process in Cuba represents a significant endeavor within the framework of the nation's socialist ideology. Cuba, operating with a planned mixed economy, is dedicated to economic development guided by socialist principles. The Cuban Government has proactively adapted and restructured the economy in response to evolving developmental goals and the changing dynamics of both domestic and international economic landscapes. Examining the case of Cuba as a socialist exemplar, the author sheds light on the successes achieved during the transformative journey, emphasizing the nuanced implementation of diverse economic reform policies. Moreover, this article critically assesses the challenges and opportunities inherent in the country's ongoing reformative efforts.