Cuba has implemented sweeping free-market reforms, marking a substantial shift in its centrally planned economy. These changes, which took effect recently, significantly expand opportunities for private enterprise and foreign investment. The reforms aim to address the country’s chronic economic difficulties, including shortages of goods and limited economic growth. Key changes include allowing private businesses in a wider range of sectors and streamlining regulations for small and medium-sized enterprises. The government hopes these measures will stimulate job creation, increase competition, and attract much-needed capital. However, the changes are occurring amidst ongoing U.S. sanctions and internal challenges, creating uncertainty about their ultimate success. These reforms represent the most substantial economic opening in decades for the island nation.