Tourism Boost But Reform Impact Limited

Cuba's tourism industry looks set for robust growth over the coming years, and we believe that this will be aided by the nation's diversified source markets, the retrenchment of government expenditure and the partial relaxing of restrictions governing private sector activity. Despite this, we believe Cuba's economy will have difficulty absorbing the deep cuts made to the public sector, and this is likely to weigh on growth over the next five years.

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