March 2004: Welcome Back Recovery

Yes, it is true. Recovery has finally returned. After a shallow plunge in fiscal 2002, the PR economy perked up in fiscal 2003. The economy managed to go through high oil prices, new onerous excise taxes and a hostile international environment, featuring war, loss of jobs and a sickly stock market. We are indeed back on the path of positive growth, but it is yet too early to celebrate. Despite the promising outlook in the short run, our economy needs to overcome structural flaws and will have to rethink itself. Join us for a review of the main developments in fiscal 2003 and our forecast up to fiscal 2006. This issue will also discuss the challenges that lie ahead.