Cuban Economy Analysis - Essay Example

The incumbent leader Raul Castrol agreed to negotiate with Obama. Primarily, this regards diverse aspects meant to put the two states at a harmonious pace and tackle matters that relate to their regional interests. Cuba’s free consent to hold peaceful dialogue amid the states foresees a bright future ahead, where other states that declined trading with it due to U.S influence will resume their former relations. Hence, improving the Cuban economy, this at present is experiencing many inadequacies emanating from the US trade embargo.

Strengths
Cuban economic force lies in its strong and thriving agricultural sector that entails exporting cash crops to other states but not to the US. These entail sugar cane, tobacco, bananas and avocadoes. The state also boasts of rich resources, which comprise its exports besides utilizing them in their home industries to heighten the economy. Some of the state’s most reliable resources encompass petroleum, cobalt and nickel (McCoy 148). The latter two resources are more beneficial to the state, whereby the relevant authorities have devised strategies to invest in their productions to gain substantial foreign exchange.

In addition, the tourism sector contributes immensely in augmenting Cuban income owing to the state’s breathtaking landscapes, which attract many tourists globally (Sharpley & Knight 241). Consequently, these resources have enabled the state to provide the most affordable and reliable health care for its people contrary to the other developed states like the US. Presently, the state comprises of most educated youths in diverse fields, for instance, IT; that is capable of boosting its economy. This is evident from its medical care sector that constitutes proficient professionals (Vidal, Villanueva & González-Corzo 5).

Weakness
State despite being endowed with resources and systems that boost its economy, Cuba experiences serious setbacks, which threaten its future developments and prosperity. Presently, owing to the emphasis on growing cash crops for export, this has yielded to severe food decline in the entire state. Consequently, prompted the country result to ration food for each citizen per day. Unbalanced emphasis on one sector especially in cash crops, has severely affected the economy where the average monthly payment currently ranges between $15 and $17 (Vidal, Villanueva & González-Corzo 5).

Hence, many citizens become a burden to the state regardless of the government enjoying high income from exporting resource-related products. Presently, the state also experiences ill-developed domestic infrastructure, which is detrimental to its economic development. This is because of global operations that are undergoing tremendous alterations technologically, which entails the state to keep in pace with the current technological know-how (Pérez 16). Read More