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July, 1996 Cuban Government officials stated that the Cuban economy is getting back on track thanks to foreign investment and tourism in Cuba.Cuba suffered a severe economic disaster as a result of the collapse of the USSR. Cuba had received massive subsidies from the Soviets that it utilized to fund government programs. Leading the recovery were advances in tourism, nickel production, and sugar harvesting. The sugar production of 1995 was poor but recovered in 1996, rising by about a third. Tourism was a very important factor in the economic advances. It had been low in the past couple years after the incident with the Brothers to the Rescue planes and passing of the Helms-Burton act.The Cuban Government has stated that the Helms-Burton act is not hurting Cuba very much. Carlos Lage, Cuba's vice president and in charge of economics, stated that the bill was not difficult to get around for foreign companies, who have been investing heavily in Cuba. |
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