At the beginning of 2021, the Cuban economy finds itself in very precarious conditions. The presentation analyzes recent macroeconomic trends in Cuba with a focus on GDP growth, merchandise and service trade patterns, the external debt, and the country’s overall financial situation. It also identifies systemic problems and external factors that negatively affect the overall performance of the Cuban economy. On the internal front, Cuba continues to suffer from all the inefficiencies, red tape, and distortions of its state-dominated and overly centralized economy. Furthermore, to make things worse, Cuba’s external environment has deteriorated markedly over the past few years due to the economic and political crisis in Venezuela, stiffened sanctions imposed by the Trump administration, and the coronavirus pandemic. Finally, the presentation examines the future prospects of the Cuban economy in light of recently announced economic reforms and the start of the Biden presidency.