The loosening of the U.S. trade embargo on Cuba has generated significant discussion regarding the country’s potential for economic transformation. Most analysts agree that Cuba will be a very different country 10 years from now; however, the manner and speed of this transformation remain a mystery. Our prediction is that in the short- to medium-term, the impacts of improving U.S.-Cuba relations will be most visible in the hospitality and tourism industry.
Already, the number of tourists vacationing in Cuba has increased substantially over the past year. According to the Cuban government, the total number tourists in 2015 was more than 3.52 million, representing a 17 percent increase from 2014. U.S. citizens or residents comprised 450,000 of the total, up 77 percent from the year before.
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