Cuba approves major free-market economic reforms

In a historic turning point, the Cuban government has approved 176 market-oriented reforms, representing the nation's most significant economic shift since the 1959 revolution.

Faced with a grueling five-year economic crisis, including severe energy blackouts lasting up to 20 hours a day, officials have decided to decentralize the state-run model.

Furthermore, foreign investors can now operate without being forced into joint ventures, and international fast-food chains are expected to enter the market.

President Miguel Díaz-Canel describes this pivot as an urgent necessity to prevent national collapse, drawing inspiration from the economic models of Vietnam and China.

The government acknowledges that success depends heavily on overcoming internal bureaucratic hurdles and the impact of the U.S. sanctions imposed in early 2026.

The transition promises to be a slow but transformative chapter in Cuba's history.