Economy transformed after WWII (1939-1945) 1) leaders decided to emphasize industrial development a. to make the island less dependent on agriculture b. increase employment opportunities
with help of US government the P.R govt. established “Operation Bootstrap” (1947) a. a program of governmental support for industry through tax breaks b. govt. hoped to attract industries that would import goods to the islands to be finished for exportSUCCESSbrought many industrial companies to Puerto Ricocreated 1,000s of jobsunderdeveloped island an industrialized area & important overseas market for US
By 1965, P.R. enjoyed the highest per capita income (avg. individual income) in Latin America. a. economic improvements were visible everywhere in forms of: - housing - public buildings - service facilities - new improved reads and communications -modern factories
After rising steadily for years, the Gross Domestic Product (GDP, total value of goods & industries Produced in Puerto Rico) and total employment dropped in 1975. a. however, even during the boom years, unemployment remained high (ranging fromo 10-13% Of labor force b. By mid-1970s, the official unemployment rate had reached 20 percent
By mid-1980s, the island’s economy began to recover 1) benefited when US increased its investment to the region through the Caribbean Basin Initiative a. a program providing tax-free access to US markets for certain products from the Caribbean Region
However in 1996 the US Congress voted to eliminate over a 10-yr period the tax incentives for for American companies invested in businesses in Puerto Rico 3) In response, local officials sought to further develop the service industry, esp. tourism
Unemployment rate 12% (2002)GDP by composition (2002)Agriculture: 1%Industry: 45%Services: 54%Population below poverty line 40% (2008)
Unemployment rate 12% (2002)GDP by composition (2002)Agriculture: 1%Industry: 45%Services: 54%Population below poverty line 40% (2008)
Unemployment rate 12% (2002)GDP by composition (2002)Agriculture: 1%Industry: 45%Services: 54%Population below poverty line 40% (2008)
By the early 21st century, Puerto Ricans has increased social mobility and much greater opportunities because of universal access to education and a more developed economy.
Current population is 3 million, 9 hundred 58 thousand, one-hundred 28.Puerto Rico’s rate of population increase has fluctuated considerably throughout its history,Based largely on how many Puerto Ricans has emigrated from the island to the mainland US.Generally they went to the mainland to seek better economic opportunities.
While life expectancy rate in Puerto Rico have improved significantly in recent years.Puerto Rico still has lower rates then US.Could be attributed to high rates of poverty on the island (esp. rural areas) & a medical care system that has received little attention until late 20th century.
In the late 1990s some 3.1 million Puerto Ricans lived on the US mainland, the majority of them in the statesOf New York, New Jersey, and Florida.In general Puerto Ricans went to the mainland in search of better economic opportunities.The migration of Puerto Ricans to the US has a created a puerto rican presence in the mainland nearly as large as the population of the island itself.
Puerto Rico greatly improved its educational institutions throughout the 20th century. By 2005, 94.6% of the adult population was literate, compared with some 67% in 1940.Most of the schools in P.R. are public and are modeled on the public schools in continental US.About 20% of the schoolchildren attend private schools.
