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Tourism, one of the Caribbean island's main revenue sources, is expected to grow in 2020 as the country expects more than 2.2 million arrivals. This year, only about 1 million tourists visited the island.
The Cuban National Assembly approved on Thursday the budget for 2021 to recover the economy after an estimated contraction of 11 percent in 2020 amidst the COVID-19 pandemic.
The Minister of Economy Alejandro Gil forecasted a gradual increase in the gross domestic product (GDP) between 6 and 7 percent next year. "This will make it possible to objectively plan the recovery in the next two years from the fallout experienced in the 2019-2020 period and not have to give up on the growth goals projected for the second stage of the economic and social development plan for 2030," Gil explained.
"The National Assembly of #People's Power on Cuba will vote on the draft bill of the State Budget for the year 2021 and the corresponding text. Both are approved by the parliamentarians. #CubaLegislation #CubaLives."
According to the Ministry of Economy, Cuba has spent $100,000,000 fighting the COVID-19 pandemic, including large social programs to protect the unemployed as well as the informal sector, while supplying hundreds of isolation centers for COVID-19 cases and enduring a 6 decades-long blockade by the U.S. government, which this year alone imposed more than 100 new sanctions.
Tourism, one of the Caribbean island's main assets, is expected to grow in 2020 as the country expects more than 2.2 million arrivals. This year, only about 1 million tourists visited the Island.
Moreover, the authorities predict the growth of 32,000 jobs in 2020, 22,000 in state positions, and 10,000 within the private sector. Over 52 percent of the 2021 budget was allocated to education, health, and social assistance.