Overall, the economy has been experiencing


positive growth since 2021, recovering robustly after the pandemic, and as of mid-2022,


private-sector employment had reached a 15- year peak. Te territory’s unemployment rate, which has historically been nearly double the national average, has decreased and was around 5.7 per cent by 2024.


To make matters worse the island was battered by a series of


natural disasters. In September 2017, hurricanes Irma and María swept across Puerto Rico causing catastrophic damages to lives, infrastructure, and the economy. Te island also suffered from earthquakes in 2020, the COVID-19 pandemic, and Hurricane Fiona in 2022. While PROMESA provided relief to Puerto Rico in the midst of a crushing debt crisis the board used its power to impose austerity measures on communities that were already facing an enormous degree of economic hardship. According to critics, PROMESA also impinged upon the human rights of Puerto Rico’s population, and undermined Puerto Rico’s very right to self-determination.


SIGNS OF ECONOMIC RECOVERY Puerto Rico achieved sustained economic growth during calendar year 2024. However forecasts have been tempered with caution. Puerto Rico is the most highly populated of all United States territories but its population is forecast to decline steadily between 2024 and 2029, dropping by 100,000 people, or 3.13 per cent, to little more than 3.1 million in 2029, reaching its lowest level since 1977. Overall, the economy has been experiencing positive growth


since 2021, recovering robustly after the pandemic, and as of mid-2022, private-sector employment had reached a fifteen- year peak. Te territory’s unemployment rate, which has historically been nearly double the national average, has decreased and was around 5.7 per cent by 2024. Puerto Rico’s post-pandemic economic rebound has been broad-based, with employment in nearly every sector now above pre- pandemic levels. Puerto Rico's tourism sector is still relatively small, but it has


been one of the Commonwealth's strongest job creators in recent years. In 2024, the island welcomed 14.5 million visitors, setting a record for arrivals at its main airport which welcomed over 6.6 million arriving passengers in 2024, reflecting an eight


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