Cuba dips toe in market economy with legalization of small businesses

The reform, details of which came to light this week, will permit small and medium-sized businesses for the first time since 1968, putting an end to the legal limbo in which many have existed for years in the Soviet-style economy.

While there have always been private farms and agricultural cooperatives in Cuba, most of the economy was in state hands until the 1990s when heavily regulated small businesses were allowed in a few areas under the rubric of self-employment, limiting their legitimacy and legal standing. "It is a starting point for a new stage in the diversification of the economy and its development, in order to make the most of its potential," Gil said, adding that the reform would boost employment and allow the economy to rebound more strongly as the pandemic eased.Creation of micro, small and medium-sized businesses was fast-tracked upon approval in May by Cuba's Council of Ministers.

Nevertheless, it is a welcome step for many entrepreneurs and most economists who have long called for the reform. Cuba's economy, which has stagnated for years, contracted by 10.9% in 2020 and declined another 2% in the six months through June, compared with the first six months of last year. The economy remains heavily reliant on tourism and imports.

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