It didn’t. Someone posted a wrong number somewhere which has since been removed. I’m not sure what the source was for that screenshot, but since it says sources *include* The World Bank, I checked [their site](https://data.worldbank.org/country/cuba) and they only have data through 2020 at $107.35B current USD. [Trading economics](https://tradingeconomics.com/cuba/gdp) uses the World Bank data through 2020, but then has numbers for the next 3 years at around the same, but greyed out I think to indicate that they are estimates and not official reported numbers for those years.
> Cuba is going through its worst economic crisis in 30 years. Since 2020, Cubans have suffered falling wages, deteriorating public services, regular power outages, severe shortages and a growing black market. Hundreds of thousands of people have fled the country.
Further down it says:
> In January 2021, the Cuban government introduced major currency and price reforms. The reforms, which involved devaluing the Cuban peso from one to the US dollar to 24 per dollar, were supposed to begin a process of aligning Cuban prices with international markets.
And then says after that this also led to massive inflation. I suspect it might be difficult to even accurately measure these things in such conditions. You are trying to measure in wildly devaluing pesos and then convert to dollars.
Probably all those mandatory scam covid tests they did that cost $35 USD a person
It didn’t… the US currency has depreciated 75% in the past for the past three years! 🤣🤣🤣
The secret ingredient is “crime”
They unpinned their currency and this data is Nominal GDP. It hasn’t been inflation-adjusted. Real GDP for Cuba tells a very different story.
9 comments
Pretty sure that data is wrong. Google probably grok’d the wrong stat somewhere.
They have a tiny economy so it could be Chinese subsidies, data errors, or both.
[https://www.globaltimes.cn/page/202404/1310080.shtml](https://www.globaltimes.cn/page/202404/1310080.shtml)
That sandwich, man
Nope, this is simply completely wrong data – [https://data.worldbank.org/country/cuba](https://data.worldbank.org/country/cuba)
It didn’t. Someone posted a wrong number somewhere which has since been removed. I’m not sure what the source was for that screenshot, but since it says sources *include* The World Bank, I checked [their site](https://data.worldbank.org/country/cuba) and they only have data through 2020 at $107.35B current USD. [Trading economics](https://tradingeconomics.com/cuba/gdp) uses the World Bank data through 2020, but then has numbers for the next 3 years at around the same, but greyed out I think to indicate that they are estimates and not official reported numbers for those years.
In any case, I think it is generally acknowledged that Cuba’s economy has been struggling since 2020. [This article](https://theconversation.com/economic-crisis-in-cuba-government-missteps-and-tightening-us-sanctions-are-to-blame-220985) starts off for example:
> Cuba is going through its worst economic crisis in 30 years. Since 2020, Cubans have suffered falling wages, deteriorating public services, regular power outages, severe shortages and a growing black market. Hundreds of thousands of people have fled the country.
Further down it says:
> In January 2021, the Cuban government introduced major currency and price reforms. The reforms, which involved devaluing the Cuban peso from one to the US dollar to 24 per dollar, were supposed to begin a process of aligning Cuban prices with international markets.
And then says after that this also led to massive inflation. I suspect it might be difficult to even accurately measure these things in such conditions. You are trying to measure in wildly devaluing pesos and then convert to dollars.
Probably all those mandatory scam covid tests they did that cost $35 USD a person
It didn’t… the US currency has depreciated 75% in the past for the past three years! 🤣🤣🤣
The secret ingredient is “crime”
They unpinned their currency and this data is Nominal GDP. It hasn’t been inflation-adjusted. Real GDP for Cuba tells a very different story.