Puerto Rico Basic Debt Instrument Workform
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Summary. Puerto Rico has been one of the most dynamic and competitive economies in Latin America and the Caribbean region until recent years, Puerto Rico's economy relies mainly on federal aid from the United States government.
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.
Statistics show that it has some of the most favorable economic conditions; the gross national product (GNP) is growing much more rapidly than the population, and the GNI per capita (formerly GNP per capita) is one of the highest in the Caribbean, but in comparison with the United States, Puerto Rico is still below
Puerto Rico has changed from an agricultural economy, based primarily on sugar, tobacco, and coffee products, to a thriving modern industrial and services oriented economy. In 1940, agriculture represented 33.7 percent of total net income, while manufacturing had 12.8 percent of the total.
Puerto Rico accumulated more than $70 billion in public debt and more than $50 billion in public pension liabilities through decades of corruption, mismanagement and excessive borrowing. The U.S. Congress created the federal board in 2016, a year after the island's government said it was unable to pay its debt.
While the Commonwealth government has its own tax laws, Puerto Rico residents are also required to pay US federal taxes, but most residents do not have to pay the federal personal income tax.
The coronavirus pandemic has also been a serious setback. Still unresolved are the bankruptcy proceedings for the $5.8bn in debt held by Puerto Rico's Highways and Transportation Authority and the Electric Power Company, which owes $9bn, the largest debt of any government agency.
Puerto Rican national debt is now approximately $74 billion, but unlike mainland municipalities, Puerto Rico is not protected by Chapter 9 of the U.S. Bankruptcy Code and cannot file for bankruptcy.
