The absence of an effective approach on specific issues recently discussed by the Puerto Rico College of CPA’s Foundation threatens the island ‘s economic competitiveness and viability as an investment destination, the organization’s president Jorge Aldarondo said.
In April 2018, the Foundation published a study where it discussed the following matters: (1) strengthening the industrial structure; (2) optimizing the management of federal funds post hurricane; (3) rethinking promotion strategies; (4) the role of municipalities in development; and (5) strategic policy to stabilize the population.
“The absence of an effective approach in these issues endangers the island’s economic competitiveness and its viability as an investment destination,” Aldarondo said.
“We are in a historical juncture that will define the Puerto Rico of the future. There is an urgent need for concerted action based on a viable roadmap to ensure sustained economic progress,” he said.
The CPA Foundation’s study suggested the elements that must be present in an economic plan that has as its guide, the island’s economic development.
“We see a lack of direction and priorities to guide us to improve our economic and social competitiveness,” Aldarondo said. “The points discussed in this series establish the Foundation’s position on how to address this situation.”
The weakening of Puerto Rico’s national product, the contraction in public and private investment, the reduction in the population and the lack of coordination and the bankruptcy of the public administration require a commitment to execute, he said.
“Our economic problems were born decades ago, but we must consider our new reality — with the arrival of the Puerto Rico Oversight, Management and Economic Stability Act and the recent federal tax reform,” Aldarondo said.
The “Puerto Rico: A Development Roadmap” study is free and can be downloaded here.