Cuba convenes unprecedented group of economists to address economic crisis

According to the Spanish news agency EFE, Cuban President Miguel Díaz-Canel has convened an unprecedented advisory group of economists—including some known for their critical views—to explore new solutions to the country’s deepening economic crisis.

The group held its first working session this week, following an initial meeting days earlier, coinciding with Díaz-Canel’s public announcement of measures to open and decentralize Cuba’s state-run economy. The initiative reportedly originated in the president’s office, without the involvement of key government economic officials.

Among the economists involved are prominent figures such as Omar Everleny, Juan Triana, and Julio Carranza, who have long advocated for structural reforms, often from outside official circles. Their proposals vary but generally emphasize expanding the private sector, attracting foreign investment, increasing autonomy for state enterprises, boosting domestic production, and addressing Cuba’s complex monetary distortions.

The advisory team also includes government-aligned economists, bringing a variety of perspectives. Their recommendations are expected to expand on the reform package recently announced by Díaz-Canel, which will be reviewed by the Communist Party and then submitted to the National Assembly for approval.

EFE reports that these efforts take place during a severe economic downturn marked by declining production, energy shortages, rising inflation, currency depreciation, and increasing social unrest. External pressures, particularly stricter U.S. sanctions and restrictions on fuel imports, have worsened the crisis.

The formation of this advisory group indicates a potentially major shift in Cuba’s approach to economic policymaking, as authorities aim for both stabilization and long-term growth.