By Padmini Arhant
The island nation is in the process of shifting towards an economic model to rescue the state from the employment burden across the public sector.
State’s overwhelming expansion in all areas of the economy is forcing the government to change course in an effort to salvage the sagging public enterprises into private industry.
The combined woes of political sanctions, global economic crisis and natural disasters have produced massive revenue losses for the socialist system struggling to maintain the infrastructure.
As a result, Cuba has reportedly decided to lay off 500,000 state employees by March 2011 and promoting the private entrepreneurial opportunities by issuing business licenses to its population in a limited measure.
Such economic strategy is a wise move for Cuba and could potentially ease the pressure off the government funded organizations that are becoming unaffordable.
The underground economy that managed the private businesses in the state controlled environment is apparently being considered for legal recognition.
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Padmini Arhant
