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Puerto Rico is an autonomous region of the United States, located in the eastern part of the Greater Antilles in the Caribbean Sea, including the island of Puerto Rico and small islands such as Vieques and Culebra. Puerto Rico is located north of the Atlantic Ocean, south of the Caribbean Sea, facing the US Virgin Islands and British Virgin Islands across the water to the east, and adjacent to the Dominican Republic across the Mona Strait to the west. The capital is San Juan.
Puerto Rico has an area of 9104 square kilometers and a population of approximately 3.65 million people. The residents of Puerto Rico are all United States citizens, but they do not participate in the election of the President of the United States, but have the right to elect a non voting United States House of Representatives commissioner. As of 2018, Puerto Ricans accounted for 76.2% of the population composition in Puerto Rico, with the highest proportion of white people, making it the region with the highest proportion of white people in the Caribbean.
The history of Puerto Rico can be traced back to 1493, when Columbus discovered the island and named it San Juan Island. In 1508, the Spanish established a colonial stronghold on the island, and Puerto Rico became a colony of Spain. In the mid to late 19th century, the people of Puerto Rico constantly rebelled against Spanish colonial rule. In 1898, the Spanish American War broke out, Spain was defeated, and Puerto Rico was ceded to the United States. In 1952, Puerto Rico became an autonomous region of the United States with a high degree of autonomy.
Puerto Rico's economy is primarily based on industry, with the top five economic sectors being manufacturing, finance, insurance, and real estate, other services, government spending, and trade. The main industries include pharmaceuticals, electronics, petrochemicals, food processing, textiles and clothing, etc. The tourism industry is also an important component of Puerto Rico's economy, with tourism revenue accounting for 7% of Puerto Rico's total revenue in 2009. In addition, Puerto Rico has abundant natural resources, including moist rainforests, dry forests, beaches, caves, waterfalls, mountains, valleys, underground cave rivers, deserts, and coral reefs.
The economic profile of Puerto Rico can be summarized as follows: it is a relatively developed region, but has experienced a severe economic recession in recent years. Puerto Rico is one of the most developed regions in Latin America, and its economic competitiveness is also one of the highest in the Caribbean region. However, due to the 2007 global economic crisis and poor management by the Puerto Rican government, the region fell into a decade long economic recession, with debts exceeding $70 billion, and has already gone bankrupt.
Puerto Rico's economy mainly relies on tourism and manufacturing. The tourism industry is an important economic pillar of Puerto Rico, benefiting from its natural resources such as sunshine, beaches, and blue seas, attracting a large number of tourists. Here, a variety of tourism services are provided, ranging from luxury hotels to economy hotels, from water activities to cultural experiences, meeting the needs of different tourists. In addition, manufacturing also plays an important role in the Puerto Rican economy. The industrialization process in the region began in the mid-20th century, when the government attracted a large amount of foreign investment, especially from the United States, by providing financial support and tax incentives. Puerto Rico is gradually transitioning from labor-intensive manufacturing to capital intensive and high-tech industries. However, in recent years, the manufacturing industry has also faced challenges due to economic recession and other factors.
Puerto Rico's geographical location and political status also have an impact on its economy. Puerto Rico is an overseas territory of the United States with a high degree of autonomy. Its residents are US citizens, but they do not participate in US presidential elections. Although there was a referendum to become the 51st state of the United States, this proposal has not yet been accepted by the United States. This political status has imposed some restrictions on Puerto Rico's economic development, while also enjoying some preferential policies provided by the United States.
