The government Cuba is legalising the ownership small and medium-sized businesses. This represents a monumental shift policy the communist-ruled country. State-owned companies have traditionally been the norm Cuba, following the revolution 1959 that brought Fidel Castro to power. He nationalised Cuba's industries to put them state hands. The new policy allows entrepreneurs to operate businesses that have to 100 employees. The change heart from the government came after a month of street protests. Thousands of Cubans demonstrated against dire economic conditions. People also protested about a lack food and the handling of the coronavirus pandemic.
Cuban President Miguel Diaz-Canel said he would introduce new initiatives to revitalise his country's economy. Cuba relies tourism for much its foreign currency reserves. Global restrictions travel during the pandemic have severely impacted this sector. Another key industry in Cuba is the production sugar. Bad weather has resulted poor harvests and reduced revenues. These events have depleted the government's reserves foreign currency, which means it has become difficult the country to import food and medicine. Cuba expert O'Neill Diaz said "many entrepreneurs the private sector have spent years striving, working and trying to contribute" to Cuba's economic well-being.
