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== Economy == | == Economy == | ||
For decades, Cuba had a Soviet-style planned economy, and like the DPRK, was reluctant to engage in market reforms. However, after the overthrow of the Soviet Union, the resulting loss of economic aid, and Cuba's relative isolation, made it more vulnerable to the sanctions against it and it became dependent on foreign trade and capital; in the late 2000s and early 2010s, it began implementing market reforms. However, in spite of the market reforms, Cuba's economy is largely centrally-planned, as prices and wages are still set by the government. Despite the economic blockade enforced by the US, Cuba has largely succeeded in providing a decent quality of life for its people and maintaining economic development. As of 2020, Cuba has one of the lowest unemployment rates in the world, of just 1.59%.<ref>[https://www.statista.com/statistics/388644/unemployment-rate-in-cuba/ Cuba: Unemployment rate from 1999 to 2020]. ''Statista''.</ref> Compared to the vast majority of developing countries in [[Latin America]], Africa and southern Asia, Cuba scores extremely well on virtually all indicators of socioeconomic development: life expectancy, access to healthcare and housing, education levels, employment rates, status of women and infant mortality rates.<ref>Clifford L. Staten (2005). 'Cuba and its people' in ''The history of Cuba.'' Palgrave Macmillan. ISBN 9781403962591 ([http://libgen.rs/book/index.php?md5=DE11DAA6342FE92307FDE6B81E5FD1CF Library Genesis link])</ref> | For decades, Cuba had a Soviet-style planned economy, and like the DPRK, was reluctant to engage in market reforms. However, after the overthrow of the Soviet Union, the resulting loss of economic aid, and Cuba's relative isolation, made it more vulnerable to the sanctions against it and it became dependent on foreign trade and capital; in the late 2000s and early 2010s, it began implementing market reforms. However, in spite of the market reforms, Cuba's economy is largely centrally-planned, as prices and wages are still set by the government. Despite the economic blockade enforced by the US, Cuba has largely succeeded in providing a decent quality of life for its people and maintaining economic development. As of 2020, Cuba has one of the lowest unemployment rates in the world, of just 1.59%.<ref>[https://www.statista.com/statistics/388644/unemployment-rate-in-cuba/ Cuba: Unemployment rate from 1999 to 2020]. ''Statista''.</ref> Compared to the vast majority of developing countries in [[Latin America]], Africa and southern Asia, Cuba scores extremely well on virtually all indicators of socioeconomic development: life expectancy, access to healthcare and housing, education levels, employment rates, status of women and infant mortality rates.<ref>Clifford L. Staten (2005). 'Cuba and its people' in ''The history of Cuba.'' Palgrave Macmillan. ISBN 9781403962591 ([http://libgen.rs/book/index.php?md5=DE11DAA6342FE92307FDE6B81E5FD1CF Library Genesis link])</ref> | ||
===Exports=== | ===Exports=== |