Cuban Economy To Accelerate In 2022 As Tourism Re-Opens

• Cuba will see barely positive real GDP growth in 2021, as a severe wave of COVID-19 cases and border closures shut the tourism industry as US sanctions constrict hard currency inflows. Fitch Solutions has revised its real GDP growth forecast for 2021 to 0.1%, from 1.0% previously. 
• In 2022, growth is forecasted at 4.7%, as strong progress on vaccinations will see the tourism industry recover, while vaccine exports and a series of economic reforms will boost private consumption, investment and exports in the medium term. 
• Nevertheless, with US sanctions likely to remain in place, the agency does not expect real GDP will return to pre-pandemic levels until 2024.

(Source: Fitch Solutions)