UN General Assembly
1957

60. In order to give a clear picture of the present economic situation in Cuba, we must go back to the conditions prevailing during the prosperous years of 1951 and 1952, in which our nation achieved exceptionally high exports - principally of sugar - invested part of the funds raised through the Government loan of 1950-1980, floated in the amount of $120 million, and - in the second of those two years - harvested the greatest crop ever achieved in the history of Cuban sugar production. After those years, as a result of the impact of the immense volume of the 1952 sugar production upon a conspicuously inadequate market, there appeared a depression trend which originated in the sugar Industry, but which tended to spread disastrously throughout the entire national economy.