On Thursday, Cuban leader Miguel Díaz-Canel acknowledged the severe economic crisis gripping the nation, characterized by rampant inflation, power outages, and food shortages. Nevertheless, he placed the blame for the country's deteriorating conditions on the "imperialist siege" and the U.S. embargo.
While concluding the Sixth Regular Session of the National Assembly of People's Power's Tenth Legislature, Díaz-Canel remarked, "No one in Cuba needs an explanation that the economy is under strain: it is evident in the lines, in our wallets, during blackouts, in delayed transportation, and in the soaring cost of food."
The president admitted that the country has faced years of GDP decline, high inflation, supply shortages, energy crises, and dwindling foreign income. He emphasized that “the magnitude of the crisis is recognized, and reality is not sugarcoated.”
However, he attributed the worsening crisis to external factors, accusing the United States of relentless economic aggression, promoting inflation, and substantially depressing the purchasing power of the population. "A country whose finances are ruthlessly targeted must manage its foreign currency income with utmost efficiency," he stated.
Addressing Economic Challenges
The leader highlighted that the Government Program aimed at correcting distortions and revitalizing the economy must become "the mandatory roadmap for all organizations, businesses, and territories." Among the key challenges, he identified reducing energy vulnerability, recovering productive capacities, and controlling fiscal deficits and inflation.
Moreover, Díaz-Canel called for greater accountability, warning, "Unless we address this and move beyond analyzing descriptive reports and diagnoses that end up as useless autopsies, we won't resolve anything or change the current situation."
External Blame and Internal Acknowledgment
Despite acknowledging "internal mistakes" and the need for "structural and mindset transformations," Díaz-Canel continued to frame the primary causes as external. "No one has written the manual on building socialism in a nation that emerged to real independence after more than four centuries of colonialism and 60 years of neocolonial subordination… We, the Cubans, are writing that history!" he declared.
During the session, Díaz-Canel also suggested declaring 2026 as the "Year of the Centenary of Commander in Chief Fidel Castro Ruz," a proposal supported by the deputies. On social media, the Cuban Presidency quoted the leader: "Let every task we undertake in 2026, from the most complex economic transformations to the simplest act of solidarity, carry the Fidelista spirit of struggle."
Images shared by Cubadebate showed the event was attended by Raúl Castro and Parliament President Esteban Lazo Hernández.
Public Declarations and Real-World Effects
The speech came just a week after Díaz-Canel admitted during the XI Plenary of the Communist Party of Cuba's Central Committee that the Gross Domestic Product (GDP) had shrunk by more than 4% by the end of the third quarter of 2025, with "runaway inflation, shortages, and critical thermal generation."
Despite these public acknowledgments, the measures announced so far have not produced visible results in the daily lives of Cubans, which remain marked by blackouts, food scarcity, and ever-increasing prices. Meanwhile, the Cuban populace continues to confront rampant inflation and unprecedented hardship.
Understanding Cuba's Economic Struggles
What are the main causes of Cuba's economic crisis according to Díaz-Canel?
Díaz-Canel attributes the crisis to external factors such as the U.S. embargo and economic aggression, which he claims have promoted inflation and depressed the purchasing power of the population.
What measures does Cuba plan to take to address the economic situation?
The Cuban government plans to reduce energy vulnerability, recover productive capacities, and control fiscal deficits and inflation as part of their efforts to revive the economy.
How has the economic crisis affected the daily lives of Cuban citizens?
The crisis has led to widespread blackouts, food shortages, and rising prices, severely impacting the day-to-day lives of Cuban citizens.