Imagine a place where palm trees sway along sun-kissed beaches…
Where life moves to the syncopated beat of a salsa rhythm…
And the beauty of the Caribbean harmonizes with the slick efficiency and progress of modern America…
And imagine having it all… without leaving the United States.
That place is Puerto Rico.
And more than ever, Puerto Rico is becoming an important player in the US economy and industry.
A successful commonwealth in more ways than one. This is Puerto Rico.
The Commonwealth of Puerto Rico is located in the Caribbean Sea, about 1,000 miles southeast of Miami, Florida. The capital city is San Juan.
Puerto Rico is a major hub of Caribbean commerce, finance, and tourism. And Puerto Rico’s standard of living continues to be among the highest in the Western Hemisphere.
A self-help program of economic development and social welfare was started in the 1940s. Much of the island’s crushing poverty was eliminated, done partly through the development of manufacturing and service industries, and an enormous growth in tourism.
Puerto Rico’s constitutional status has long been a subject of political discussion. Strictly speaking, Puerto Ricans do not vote for the President, do not have voting representation in Congress, and have no representation in the Senate. Yet federal laws are approved on a daily basis and affect Puerto Rico. Its future political status remains unclear.
The Role of Microfinance in Puerto Rico’s economy
The Puerto Rican economy has been growing at a steady pace due to the rise of small and medium sized enterprises. Micro-finance sources need to be preserved at a time when the global financial crisis is severely hitting America.
The Economic Development Bank for Puerto Rico was created in 1985 with the purpose of providing financing to small and medium sized companies, creating new employment, and helping economic developments.
The small-scale production activities assisted by micro-credit has contributed to raising the standard of living of thousands of Puerto Ricans, and has enhanced sustainable development.
Just imagine living on a Caribbean Island where the beach is within an hour’s drive no matter where you are, with sun-filled days and warm tropical nights. It is not surprising to learn the number of people moving to Puerto Rico from the mainland US each year, and for good reason. Some people would call it a tropical paradise, the Island of Enchantment.
Puerto Rico’s property market, however, has been stagnant for the past two years due to the US recession. Homeowners wanting to sell their residential properties have been forced to lower their selling prices.
A Caribbean Island with a Difference
Tourism is an important component of the Puerto Rican economy. The commonwealth receives approximately 5 million tourists per year, with one-third being cruise ship passengers. This magical island packs a powerful punch.
Puerto Rico is a Caribbean island with a difference, and exploring its cultural and natural wonders is a delight. And who can forget the lively, spirited, and passionate Puerto Ricans?
The attractive qualities of Puerto Rico are not limited to the island’s natural beauty, but also to its competitive business climate and hard-working populace. Bienvenido a Puerto Rico!