"The Communist Party passed a more than 300-point plan to 'update' the economy in 2011, which included moving 20 per cent of five million state workers to a non-state sector made up of farms, small businesses, co-operatives and joint ventures.
Yet to date the reforms have not led to increased growth which is expected to come in at 2.2 per cent this year, compared with 2.7 per cent in 2013."
We'd correct the FT in that the "farms, small businesses, co-operatives and joint ventures" it's referring to are still owned by the state.
Thus, it is not a "non-state sector."
Of course, the reason for the negative results is that Castro's so-called "reforms" -- like his "new" foreign investment law -- are farcical.
And just imagine if Venezuela's subsidies were subtracted from the equation.
As a foreign businessman with years of experience in Cuba correctly told the FT:
"What Cuba really needs to attract investment is a functioning economic system."