By: Jack Gutt
Published at: The Teller Window, A view into the work of the New York Fed
Puerto Rico is on the cusp of a once-in-a-generation opportunity to reshape its economy. That was the consensus at the NEXA Jobs Summit in San Juan, Puerto Rico on April 10-11. This gathering, organized by the Platform for Social Impact, brought together leaders from community and economic development, government, academia, and the private sector. Participants explored how Puerto Rico could take advantage of government and private funds, economic momentum following more than a decade of recession, and a young and capable workforce to develop quality jobs on the Island and address long-term poverty and economic insecurity.
I had the privilege of joining a panel to discuss the Blueprint Framework for Economic Mobility. This framework, which informed the two-day conference, recognizes that Puerto Rico must invest in and empower its workforce, both in the short and long term, to achieve its full economic potential. This is an ambitious proposal, and if realized, it could set the Island’s economy on a path of sustainable growth. There are three considerations that I believe will be essential to its success: