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EXECUTIVE SUMMARY Economic Development in Puerto Rico Faces Unprecedented Challenges

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EXECUTIVE SUMMARY Economic Development in Puerto Rico Faces Unprecedented Challenges EXECUTIVE SUMMARY Economic Development in Puerto Rico faces unprecedented challenges ECONOMIC CONTRACTION IRMA & MARIA HURRICANES The economy of Puerto Rico has been The magnitude of the devastation on the contracting for more than a decade. It has Island caused by the hurricanes Irma and a debt that exceeds 100 percent of its María is historic and demands an annual economic output and has caused extraordinary response for Puerto Rico to get fiscal liquidity and solvency challenges. back on its feet. PROMESA FEDERAL TAX REFORM The approval of PROMESA in 2016 has The federal tax reform (Tax Cuts & Jobs Act) created a certain lack of clarity regarding will have an impact, both on our current governance matters, which in turn may manufacturing base, and on the promotion impact our business climate. Uncertainty is strategies and incentives use to attract not good for local or external investors. foreign investment to the island. EVOLUTION OF PUERTO RICO’s ECONOMY IN THE PAST 70 YEARS ADVANCE MANUFACTURING, KNOWLEDGE ECONOMY, AGRARIAN ECONOMY INDUSTRIAL ECONOMY SERVICES Sugar cane, tobacco & coffee Petro-chemical, electronics, Life Sciences, Aerospace, Technology, apparel & textiles, Agro Tech Industries, Export Services, pharmaceuticals Tourism/Visitor’s Economy < 1950’s 1950-1990’s > 2000’s O U R E C O N O M Y TODAY GROSS DOMESTIC PRODUCT SHARE BY MAIN ECONOMIC SECTOR GPN $70.1 billion FISCAL YEAR 2017 GDP $105.0 billion Construction & Mining GDP PER CAPITA $30,516 0.9 Utilities 2.1 0.8 Agriculture EXPORTS VALUE $71.9 billion Government IMPORTS VALUE $43.3 billion 6.8 7.6 Commerce MANUFACTURING SECTOR GDP 44.6% Bio-Pharma/Life Science Manufacturing 48.2 20.2% Computer and Electronics 14.7 Services 19.8% Basic Chemicals 5.4% Medical Devices 3.1% Beverages & Tobacco Finance, Insurance 2.4% Food and Real Estate 1.4% Electrical Equipment, Appliances and Component 19.3 3.1% Others CURRENT CONDITIONS AND ECONOMIC BACKGROUND (at real prices) CHANGE 2006 TO 2017 Gross National Product (GNP) -17.6% INVESTMENT IN: Gross Domestic Investment -39.4% Machinery and Construction Equipment Government Consumption Expenditure -13.1% -17.5% -67.7% Personal Consumption Expense -6.2% Economic Activity Index -21.6% Net Income to the General Fund +9.2% Non-Agricultural Wage Employment -15.4% Participation Rate -17.3% Source: Planning Board, Financial Advisory Authority and Fiscal Agency of Puerto Rico, Department of Treasury and Visitor Profile Report of the Institute of Statistics 100,000 120,000 140,000 160,000 180,000 200,000 20,000 40,000 60,000 80,000 Source: Bureau of Economic Analysis. 2017 Gross Domestic Product (GDP) (GDP) State. byProduct Domestic Gross 2017 Analysis. of BureauEconomic Source: (in $millions2017 GDP of PER current CAPITA dollars by State 0 183,630 District of Columbia 76,589 New York Delaware Massachusetts 71,821 North Dakota Connecticut Alaska 69,572 California 67,125 Wyoming Washington 64,700 New Jersey Maryland Illinois Nebraska Minnesota Hawaii 60,241 Iowa Colorado ) Virginia New Hampshire Texas Pennsylvania South Dakota Oregon Rhode Island 54,950 Wisconsin Ohio Kansas Indiana 52,105 Georgia Utah Louisiana 51,425 North Carolina Vermont Nevada Tennessee Michigan 49,167 Missouri Oklahoma New Mexico Florida 45,091 Maine Montana Kentucky Arizona South Carolina Alabama 41,022 West Virginia Arkansas 36,896 Idaho Mississippi 31,230 Puerto Rico (in thousands) (in 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 Source: Bureau of Economic Analysis. 2017 Gross Domestic Product (GDP) (GDP) State. byProduct Domestic Gross 2017 Analysis. of BureauEconomic Source: AS OF JULY2017 2017STATES POPULATION 5,000 0 39,537 California 28,305 Texas Florida 20,984 New York Pennsylvania Illinois 11,659 Ohio Georgia North Carolina Michigan 9,006 New Jersey Virginia Washington Arizona Massachusetts Tennessee 6,667 Indiana Missouri 6,052 Maryland Wisconsin Colorado Minnesota South Carolina Alabama Louisiana 4,454 Kentucky Oregon 3,588 Oklahoma Connecticut 3,337 Puerto Rico Iowa Utah 3,004 Arkansas Nevada Mississippi Kansas New Mexico Nebraska 1,816 West Virginia Idaho 1,428 Hawaii New Hampshire Maine Rhode Island Montana Delaware South Dakota North Dakota Alaska District of Columbia 624 Vermont 579 Wyoming HOW DOES PUERTO RICO COMPARE TO O T H E R JURISDICTIONS? Dealing with Ease of Doing Registering Trading across Economy Starting a Business Construction Getting Electricity Getting Credit Paying Taxes Business Rank Property Borders Permits New Zealand 1 1 3 37 1 1 9 56 Singapore 2 6 16 12 19 29 7 42 United States 6 49 36 49 37 2 36 36 United Kingdom 7 14 14 9 47 29 23 28 Australia 14 7 6 47 51 6 26 95 Ireland 17 8 30 35 40 42 4 47 Canada 18 2 54 105 33 12 16 46 Germany 20 113 24 5 77 42 41 39 Thailand 26 36 43 13 68 42 67 57 Spain 28 86 123 42 53 68 34 1 Portugal 29 48 32 58 28 105 38 1 France 31 25 18 26 100 90 54 1 Mexico 49 90 87 92 99 6 115 63 Chile 55 65 15 44 61 90 72 68 Peru 58 114 61 63 44 20 121 92 Colombia 59 96 81 81 60 2 142 125 Costa Rica 61 127 70 21 49 12 60 73 Puerto Rico 64 47 138 69 153 6 161 64 Greece 67 37 58 76 145 90 65 29 Jamaica 70 5 98 91 128 20 122 130 El Salvador 73 140 139 88 69 20 61 43 Panama 79 39 88 18 83 29 180 54 Uruguay 94 61 161 50 112 68 106 151 Guatemala 97 139 116 36 85 20 100 79 Dominican Republic 99 116 62 108 79 105 149 59 Source: The World Bank Group, Economy Rankings 2017 Puerto Rico cannot continue developing its economy solely on the basis of tax exemptions and economic incentives t o attract, retain and grow industries and businesses in a sustainable m a t t e r . Model for the Social and Economic Transformation of Puerto Rico Source: Plan para Puerto Rico, Government Program and Model for the Socioeconomic Transformation of our Island. ASSETS/CENTRAL COMPETENCIES Skilled and talented Health ecosystem Public and private Innovation and Geographical location workforce (hospitals, schools and universities; research entrepreneurship and relationship with research centers) centers ecosystem the United States Network of airports, seaports and Natural resources: tropical Our culture, traditions and telecommunication systems island, biodiversity, sun, culinary experience ocean and wind EFFICIENT AND EFFECTIVE USE OF INCENTIVES Export of goods for Export of services Substitution of Imports Supply chain Establishment of small niche markets associated with businesses and start-ups exports and substitution of imports MECHANISMS TO BRING NEW MONEY For an economy that does not control its monetary policy, there are 4 main mechanisms to raise funds EXPORTS INVESTMENT FEDERAL FUNDS CREDIT Fostering the flow of funds and maximizing their multiplier effect through capital reinvestment, and consumption of local products and services, are necessary mechanisms to revive the economy and create new jobs. A C H I E V I N G E C O N O M I C G R O W T H & ENANCING PRODUCTIVITY Personal Government Gross public* Gross private consumption consumption domestic domestic (Sales Purchases) GDP = expenditure + expenditure + investment + investment + Exports - Imports Aspirational Productivity is expressed in function of youth & workforce development, innovation and competitiveness as our GDP/Labor Real Current main components. Capital per Hours of Labor Factors such as labor, capital and technology, among others, will affect the available resources. STRATEGIC AREAS AND TOOLS TO INCREASE GDP Personal Government Gross public* Gross private consumption consumption domestic domestic (Sales Purchases) GDP = expenditure + expenditure + investment + investment + Exports - Imports • Visitors Economy • Infrastructure • Infrastructure • Infrastructure • Services • Agro Industries AREAS • District Live • Social and Economic • Business Development • Business Development • Ag + Food • Bahia Urbana activity Roosevelt Roads • Roosevelt Roads • Medical Devices • Redevelopment of the • Redevelopment of the • Pharma PR127 Corridor PR127 Corridor • Aerospace • PROTech • PROTech • FinTech (IFE/IBE) • District Live • District Live • Bio Economy • Bahia Urbana • Bahia Urbana • Creative Industries • Science City • Science City • Film • Cronos • Cronos • Port of Ponce • Port of Ponce • Local Tax Reform • Government of PR • Government of PR • Local Tax Reform • Import Substitution TOOLS (Individuals, IVU Consolidated Budget Consolidated Budget (Corporate, B2B) (Incentives Code) reduction for • Build Back Better • Build Back Better • Labor Reform • Act 20 Export Services prepared foods, local (Disaster Federal (Disaster Federal • Permits Reform • Export Incentives EITC) Funds) Funds) • Energy Reform • Free Trade Zones • Destination • Federal Contracting • Regulatory Reform • SMEs Marketing Center (FeCC) • Incentives Code Promo Organization (DMO) • Local Preference in • P3s Export • e-Concierge for Government • Invest Puerto Rico Medical Tourism Procurement • Site Selection Map • Act 22 Individual Small Business • New Market Tax Credits Investors (Sm Biz) Set Aside • EB-5 • Act 22 Individual Part of the Fiscal Plan Structural Reforms - Ease of Doing Business Section Investors *Driven by potential access to Disaster Recovery Federal Funds • Opportunity Zones OPPORTUNITIES FOR GROWTH: STRATEGIC SECTORS AGRO INDUSTRIES 1 VISITORS ECONOMY ADVANCED MANUFACTURING 9 2 Competitiveness Innovation LOGISTICS 8 Youth & 3 AEROSPACE Workforce Development 7 4 BIO ECONOMY INFORMATION TECHNOLOGY 6 5 OCEAN TECHNOLOGY CREATIVE INDUSTRIES STRATEGIC SECTORS AGRO INDUSTRIES o Specialty Crops OCEAN ECONOMY o Industrial Hemp o PROTech 1 o Medical Cannabis o Blue Tide o Basic
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