Sunday, September 24, 2017
Maria's Impact on Puerto Rico's Economy
The recent Hurricane to make landfall in Puerto Rico has already had catastrophic ramifications on their already struggling economy. It was the strongest storm to hit Puerto Rico within the last 90 years. Small businesses make up over 80% of their private sector workers and it is vital for those business specifically to get back electricity and power to help the islands' economy bounce back. It is estimated that the island has been hit with about $30 billion in damages with $20 billion coming in physical damage and $10 billion coming from the economic impact.
Puerto Rico has spent seven of the last ten years in a recession and clearly, Maria is doing them no help. The GDP in Puerto Rico has dropped by a percent a year in 7 of the last 10 years, the poverty rate is round 40% and unemployment is up to 10%.
https://www.reuters.com/article/us-storm-maria-puertorico-analysis/puerto-ricos-fragile-economy-dealt-new-blow-by-maria-idUSKCN1BZ0C4
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It will definitely take a hit in all areas of Puerto Rico, especially in their economic impact, which you mentioned was taking a hit of $10 billion. It will be interesting to see how the economy as a whole will bounce back from Maria
ReplyDeleteIt seems like the Maria hurricane could not come at a worse time for Puerto Rico. With the poverty rate around 40% and the unemployment rate at 10% it is clear that their economy is struggling a bit. With Maria's $10 million damage to the economy, the Puerto Rican economy will be probably be set back even farther. Hopefully, Puerto Rico is able to get out of the recession they are in soon.
ReplyDeleteWith Puerto Rico already in a recession ,these hurricanes are unfortunate. A hurting economy, taking a hit of 10 billion dollars will be hard to recover from.
ReplyDeleteAfter first being hit by Hurricane Irma, followed by Hurricane Maria, Puerto Rico will indubitably take a hard hit at Puerto Rico's GDP, along with the overall economy. Due to setback after setback, the hurricanes make it even harder for Puerto Rico to rise and combat the falling economy, with much of the infrastructure contributing to the GDP being taken away by the vast damage of the hurricanes.
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