Economy: Castro and Cuban Economy

economy: The Cuban economy didn't collapse as many international media outlets predicted earlier in the year, said Castro during his traditional end-of-year speech in parliament, according to Global Times China. However, Castro admitted that the economy was hit hard as there were drastic cuts in imports and investment in the second half of the year. The Cuban economy will resume its upward path in 2017 and grow moderately by around 2 percent, with strong growth in the sugar industry and tourism, Castro told a plenary session of Cuba's unicameral parliament. The tense economic situation is compounding the severe financial and infrastructure losses caused by Hurricane Matthew, which hit the eastern tip of the island in October, Castro said. The harmful effects of the US-led trade embargo continued to hamstring the economy, despite numerous measures taken by the White House to relax the sanctions and restrictions. More than 8,000 homes were damaged or destroyed, and schools, warehouses, hotels and other institutions were affected by the most powerful hurricane in a decade. (news.financializer.com). As reported in the news.