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LATIN AMERICA ADVISOR

LATIN AMERICA ADVISOR

A daily publication Of the dialogue

March 29, 2024

Can a New Minister Turn Around Cuba’s Battered Economy?

Joaquín Alonso Vázquez was tapped last month as Cuba’s new economy minister as the island is facing a severe economic crisis. // File Photo: Cubadebate.cu.

Q

  • Joaquín Alonso Vázquez was appointed as Cuba’s economy minister after President Miguel Díaz-Canel fired Alejandro Gil from the position on Feb. 2. Since becoming minister of the economy, Alonso has had the task of presiding over a beleaguered economy and growing public discontent over government policies and rising prices. What has Alonso accomplished so far in the first weeks of his tenure, and what seem to be his principal goals as economy minister? What policies does Alonso need to implement to turn around Cuba’s economic crisis? What role could protests and political instability have on Cuba’s economy and Alonso’s policy aims?

A

Ricardo Torres Perez, research fellow at American University: “We do not know much about the economic ideas of the current Minister of Economy (and Planning), Alonso Vázquez, who had a very low profile as a government official until his appointment as president of the central bank last year. At a recent meeting, the minister indicated that among the priorities for this year would be the implementation of a set of measures that the prime minister announced last December and the Macroeconomic Stabilization Program. It is well known that the Cuban economy is going through one of its worst crises in three decades, suffering from high inflation and a large fiscal deficit. The partial cabinet reshuffle takes place at a time of…”

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The Inter-American Dialogue publishes the Latin America Advisor every business day for a distinguished membership of informed corporate leaders, scholars, and government officials invested in Latin America’s development and future. The Advisor‘s highly regarded Q&A section covers questions submitted by subscribers themselves. Commentators regularly include heads of state, business leaders, diplomats, economists, analysts, and thought leaders from around the world. Many of the world’s largest and fastest-growing companies subscribe to the Advisor. To subscribe, click here. For terms and conditions, click here. For more information, contact Gene Kuleta, editor of the Advisor, at gkuleta@thedialogue.org.
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Merike Blofield
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Devry Boughner Vorwerk
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Joyce Chang
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Peter Hakim
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Barbara Kotschwar
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Nicolas Mariscal
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Thomas F. McLarty III
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Ernesto Revilla
Head of Latin American Economics, Citi

Gustavo Roosen
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Andrés Rozental
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Shelly Shetty
Managing Director,
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