They anticipate that the economy of Puerto Rico will grow by 2% in 2022

Puerto Rico’s economy will grow 2% in 2022 due to investment in the reconstruction of the country, anticipated the Technical Studies firm (ETI), which described 2021 as the year of stabilization of the labor market and recovery in some economic sectors after the dislocation caused by the COVID-19 pandemic .

“The favorable performance of the Puerto Rico economy in 2021 was largely influenced by the disbursement of federal stimulus funds to offset the loss of income of individuals and retain jobs. These funds supported private consumption, fostered growth in key areas such as business and tourism, and helped stabilize the labor market . However, the expiration of the federal stimulus programs implies a normalization of economic activity to pre-pandemic levels in the short term. Hence, the importance of gradually starting to be disbursed federal reconstruction funds to continue supporting the pace of economic activity that the Island has experienced over the last year, “said ETI President Graham Castillo in a press release. Technical Studies anticipated economic growth of 2% at constant prices at the close of fiscal year 2022 and of 1.1% in fiscal year 2023. Castillo highlighted that, although the disbursement of recovery and reconstruction funds will be instrumental to reactivate investment in construction and promote job creation, a slowdown in economic growth can be expected by Fiscal 2023… (Excerpts from El Nuevo Dia)