Puerto Rico Economists See Bleak Picture of Island's Future
- One says island’s economy may shrink by as much as 15 percent
- Another says conservative damage estimate is $115 billion
Puerto Rico Governor on Recovery Efforts and Debt
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Puerto Rican economists are predicting a bleak future for the storm-ravaged island.
At a panel discussion in San Juan convened Thursday by the territory’s federal oversight board, economist Jose Villamil said the population could decline to less than 3 million by 2026, a drop of more than 400,000 from the most recent count. Another, Juan Lara, said the economy could contract by as much as 15 percent in the fiscal year that ends in June, depending on how long it takes to restore power throughout the island. A third said a conservative estimate of the storm damage is $115 billion -- a sum equal to more than a year’s economic output.