Press

Puerto Rico has ranked last among U.S. jurisdictions for economic freedom for the third consecutive year, according to the Economic Freedom of North America 2024 report published by Canada’s Fraser Institute. The report evaluates economic freedom in 93 provincial or state governments across Canada, the United States and Mexico, using 2022 data, the most recent year for which complete information is available.

In an effort to eliminate bureaucracy that hinders access to the labor market and slows economic development, Senate President Thomas Rivera Schatz presented a legislative package to reform the occupational licensing system in Puerto Rico.

Puerto Rico has more than 140 occupational licenses, 34 of which are required in fewer than five U.S. jurisdictions, including 13 that exist only on the island. This is revealed in the report “Unleashing Potential: The Burdens of Occupational Licensing and How They Can Be Reformed in Puerto Rico” published by the Institute for Economic Liberty (ILE, in Spanish).

At the beginning of the new legislative session that begins on January 13, 2025, the Senate will consider a proposal to establish the Universal Recognition of Occupational and Professional Licenses Act in Puerto Rico, a measure authored by Senate President Thomas Rivera Schatz.

During its annual convention, Supermercados Selectos presented the study “Economic Freedom Actions for a Just and Prosperous Puerto Rico,” conducted by the Puerto Rico Institute for Economic Freedom (ILE), which revealed that in Puerto Rico there are more than 50 laws and regulations that limit private investment and hinder the creation of businesses and jobs.

The Puerto Rico Institute for Economic Liberty explains the role of free markets and economic freedom in the goal of development.