Puerto Rico’s government releases details of economic recovery plan amid 8-year recession

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SAN JUAN, Puerto Rico – Puerto Rico’s government has unveiled details of an economic recovery plan to pull itself out of a nearly eight-year recession as it whittles down $73 billion in public debt.

The plan calls for improving schools, strengthening tourism and agriculture sectors and reducing power costs, among other things.

Gubernatorial Chief of Staff Ingrid Vila said Tuesday that Puerto Rico aims to have 2 per cent economic growth by 2018. She said it’s a goal consultants have said will require some $12 billion in investment.

Puerto Rico economist Martha Quinones said in a phone interview that it is unclear whether all the goals can be realistically met. She questions whether the island will reach 2 per cent growth in four years, noting that new investment takes time to generate growth.

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