Economy of Puerto Rico

Common card · No. 298011

The economy of Puerto Rico is classified as a high-income economy by the World Bank and as the most competitive economy in Latin America by the World Economic Forum. The main drivers of Puerto Rico's economy are manufacturing, which primarily includes pharmaceuticals, textiles, petrochemicals, and electronics; followed by the service industry, notably finance, insurance, real estate, and tourism. The geography of Puerto Rico and its political status are both determining factors of its economic prosperity, primarily due to its relatively small size as an island, its lack of natural resources used to produce raw materials, and, consequently, its dependence on imports; as well as its relationship with the United States federal government, which controls its foreign policies while exerting trading restrictions, particularly in its shipping industry. At the macroeconomic level, Puerto Rico has been experiencing an economic depression for 20 consecutive years, starting in 2006 after a series...

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