Puerto Rico sees worst economic and social crisis ever

Global Business

Puerto Rico sees worst economic and social crisis ever

The Caribbean island of Puerto Rico, an unincorporated U.S. territory, is experiencing one of the worst economic and social crises in recent times.

When Puerto Rico missed a 58 million dollar debt payment on August 3rd, it hit the islanders hard.

CCTV’s Nitza Soledad Perez filed this report on how the island fell into financial turmoil and how its people are coping.

Puerto Rico sees worst economic and social crisis ever

Puerto Rico sees worst economic and social crisis ever

The Caribbean island of Puerto Rico, an unincorporated U.S. territory, is experiencing one of the worst economic and social crises in recent times. CCTV's Nitza Soledad Perez filed this report on how the island fell into financial turmoil and how its people are coping.

More details:

  • Unemployment and emigration spiked in 2006 when Congress phased out tax incentives for U.S. companies operating on the island. After the default, the U.S. said the territory shouldn’t expect Washington to come to the rescue.
  • With all this turmoil, Puerto Ricans are leaving at a rate not last seen since after World War II. Nearly 50,000 people a year have been emigrating and many of the migrants are young, with Florida being their top destination. The exodus from the island is part of what the governor calls a “death spiral.”

Former Governor Luis Fortuno on Puerto Rico’s economy

For more on Puerto Rico’s economy, CCTV’s Philip Yin spoke to Luis Fortuno, former Governor of the Commonwealth of Puerto Rico.

Former Governor Luis Fortuno on Puerto Rico\'s economy

Former Governor Luis Fortuno on Puerto Rico\'s economy

For more on Puerto Rico's economy, CCTV's Philip Yin spoke to Luis Fortuno, former Governor of the Commonwealth of Puerto Rico.