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Report on the Competitiveness of Puerto Rico's Economy
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|June 29, 2012|
Our Commitment to Puerto Rico
In support of this work, I and other senior New York Fed officials visit Puerto Rico regularly and meet with a wide range of local stakeholders, including business people, community representatives, workers, and regional leaders. In these visits, I have witnessed some of the bright spots for the economy. I have seen examples of expansion and growth. This gives me confidence that Puerto Rico has the capability to be a true economic success story, provided that the talents of its people are supported by sound public policy and good private sector decision making.
Nevertheless, these local engagements and analysis of economic conditions also confirm that growth and expansion are not happening broadly enough. Conditions for many families, communities, and businesses remain difficult. The task of putting the Island on a path of robust, sustainable, and inclusive growth remains a work in progress. The New York Fed will do all that it can, in keeping with its responsibility to promote community development in its District, to support these efforts, and this report is part of our commitment to do so.
Report on Competitiveness
In doing so, they consulted widely with local, national, and international experts, as well as stakeholders on the Island itself. As we know all too well, real insight requires on-the-ground experience. This report is the product of their work. I have read it closely and commend it to your attention. The report represents nonpartisan technical analysis and should be viewed in that vein. Even those who do not agree with every piece of the analysis, I hope, will acknowledge that this is a serious effort to frame a number of issues that are worthy of consideration. Of course, many of these issues would need to be considered as part of the political process, and it is for the people of Puerto Rico to judge the trade-offs involved.
I also hope that it will be read and considered beyond the business and government community, across the society at large. The goal we all seek is not simply business success and expansion, but broad-based prosperity, with rising standards of living and enhanced opportunities for all Puerto Ricans to pursue their ambitions and realize their dreams—here on this beautiful island.
In the months and years ahead, the New York Fed will continue to engage with stakeholders across the Island to discuss the topics raised in the report and others. We will continue to hear first-hand the economic and financial issues that are important for businesses and families and will continue to do all that we can to support local communities and decision makers in advancing good economic outcomes.
William C. Dudley