Cuba expects 4% GDP growth by 2022

Havana, Dec 22 (Agencies) Cuba foresees a growth plan of the Gross Domestic Product (GDP) for 2022 around four percent, said before the National Assembly of People’s Power (Parliament) Vice Prime Minister and Minister of Economy, Alejandro Gil.

«The key to reaching that figure will be the control of the Covid-19 pandemic, and if we reach it by the end of next year we will be able to have that figure achieved,» he said.

Gil clarified that growth is not based on more exports, but on a greater share of national production.

To do this, he pointed out, work will be done to make better use of existing capacities, the development of more effective processes, import substitution and the participation of all economic actors, especially the Socialist State Enterprise.

Presenting the country’s projections for next year, he said that the gradual economic and social recovery is planned to continue.

Among the prioritized objectives in the coming 12 months is to move towards a process of macroeconomic stabilization, in the recovery of the role of the Cuban peso as the center of the financial system and in the rationality of prices, Gil detailed in the presence of Army General Raúl Castro, the Cuban President of State, Miguel Díaz-Canel, and the President of Parliament, Esteban Lazo.

«We have regressed in macroeconomic balances, a situation expressed throughout the world and marked by Covid-19, but we will correct it as we enter gradual phases of economic recovery,» he reaffirmed.

During his intervention in the eighth regular session of Parliament in its ninth legislature, the minister pointed out that they plan to stabilize the national electrical energy system, attend to people, homes and communities in vulnerable situations; as well as transforming the State Business System, the main subject of the economic model of this Caribbean nation.

«We must have a year where the Socialist State Enterprise makes itself felt more and has a more active participation as a benchmark for goods and services,» he stressed.

Likewise, Gil explained, work will be done on the decentralization of powers based on greater autonomy in the municipalities to promote territorial development.

Regarding exports of goods and services, Gil said that they foresee a gradual recovery in tourism with the arrival of 2,500,000 visitors.