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Cuba is in the midst of a very bad economic crisis. Many countries have stopped trading with Cuba, its professional hired services (an extremely important Cuban income) have decreased by 24% in total profits. Also, it faces a 62% reduction in oil shipments and an 8 Billion Dollar lost in investments. Due to this drop in its domestic productions, it is unable to finance its imports.

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Cuba has excessive amounts of cobalt, nickel, iron ore, chromium, copper, salt, timber, silica, and petroleum.

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The top 4 Occupations are doctors, engineers, scientist, and restaurant workers.

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The top industries in Cuba are petroleum and nickel, both abundant in Cuba.

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Cuba is socialist and has a command economy. The advantages of a command economy are that the poor are helped, however, the disadvantages are that there is little incentive to do good work. The government answers the three basic questions and owns the factors of production

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Every 5 years, an assembly of 612 people decide the person who will be elected. Miguel Diaz-Canal is Cubas current president, and has been since 2019.

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There major exports include food, sugar, tobacco, and nickel. It’s major imports are machinery, cereal, vehicles, and plastics

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Cubas unemployment rate and poverty rate

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Cubas unemployment rate and poverty rate

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Cuba has a relatively low poverty rate, at 2.76%, however, its poverty rate is very high, at over 26%