The Commonwealth of Puerto Rico has seen its economy steadily decline prior to the global economic crisis and will likely continue to suffer after others see signs of recovery.
Puerto Rico has a history of economic problems. The Puerto Rican government is much poorer than the poorest U.S. state and its economy has always relied heavily on U.S. federal aid.
In March, Puerto Rico’s unemployment rate jumped to 14.7 percent from 12 percent in January. It was listed as 14.3 percent last April. However the Government Development Bank (GDB) for Puerto Rico, an agency that protects the Commonwealth’s fiscal stability, registered Puerto Rico’s unemployment rate at 15.8 percent, the highest in 13 years.
There have been some glimmers of economic hope, however much more is needed to get Puerto Rico on its financial feet. A large number of people are hurting everywhere. Puerto Rico’s recession has reached historic proportions and some predict the situation will continue through the summer of 2011.
For more information about Puerto Rico’s current economy, read July’s “Our Politics” column at EL BORICUA.
