After the Caribbean nation's GDP shrank by 10.9 percent in 2020, "little by little, we will start recovering the economic activity lost over the past two years due to the impact of the COVID-19 pandemic and the U.S. blockade," Gil said.

Gil, also Cuba's deputy prime minister, said the Cuban economy is focused on the priority tasks of fighting inflation, building a sustainable national electric power sector, and assisting the most economically vulnerable groups.

This year, the Caribbean nation launched its biggest monetary overhaul in recent decades, which eliminates the dual currency system in place on the island since 1994, and increases salaries, pensions and social security payments while transforming the pricing structure completely.

In addition, the island nation has approved the legalization of micro, small and medium sized enterprises under a new legal framework put into effect on September 20. ■