Puerto Rico’s economy will need about $10 billion in new investments over the next three years to grow by at least 3.3 percent annually and find its way back to more prosperous pre-recession levels. In the absence of such an unlikely windfall, it will take more than a decade to circle back to acceptable levels of progress.
Saying the bank is “here to grow,” Santander Puerto Rico President Román Blanco-Reinosa outlined the financial institution’s strategy through 2015 — a plan that calls for achieving a net profit of $100 million in three years by focusing on five core business areas. When that vision is translated into numbers, it adds up to 100x35.
Contrary to expectations of an economic improvement in 2013, some of Puerto Rico’s most prominent economists agree there is little to no growth on the horizon.
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