Puerto Rico has a chance to fix its economy, after years of recession
Save time by listening to our audio articles as you multitaskYet change is coming, even if it falls short of Mr Parés’s dreams. On March 15th a bankruptcy deal came into effect that reduced Puerto Rico’s debt by almost 80%. The resulting new fiscal plan, coupled with an influx of federal dollars, marks the effective end of the island’s debt crisis. Now .
The oversight board projects that the economy will grow by 0.5% a year on average through 2030. The fact that it will take such a surge of spending just for Puerto Rico to barely escape recession underscores the task ahead. Since 2004 its economy has shrunk by 20% . Though living standards are still among the highest in Latin America, neighbours such as the Dominican Republic have steadily closed the gap.
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