Macroeconomic Forecast Puerto Rico

BMI View: Puerto Rico's unemployment rate spiked again in January to 15.8% having dropped to 14.3% in December. While we believe that the rate will drop slightly to 14.0% by year-end as the economy records flat real GDP growth after three successive years in recession, we caution that there is no end in sight to the country's endemic unemployment problems, with the participation rate continuing to drop lower. Indeed, with the government committed to continuing to cut jobs from the island's bloated public sector, we caution that tough times remain in store for the territory's

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