Puerto Rico Economic Pulse ©

December 2013: In Search of a Business Advantage

Impact of knowledge services industry in the PR economy

At a time of slow growth and continued volatility, many countries are looking for policies that will stimulate growth and create new jobs. Information communications technology (ICT) is not only one of the fastest growing industries – directly creating millions of jobs – but it is also an important enabler of innovation and development. The European Union’s 10-year plan aimed to make Europe “the most competitive and dynamic knowledge-based economy in the world.” It failed. Find out why. PR badly needs both economic growth and job creation. In the past, several government sponsored strategic economic plans pointed the important role of the ICT sector for the Island’s economic development and competitiveness. However, PR continued lagging in key technological and connectivity indicators, trailing behind other formidable, direct competitors, such as Singapore, Ireland, and Denmark. This issue analyzes the real impact of technological readiness and the ICT industry on the PR economy. In our opinion, this industry constitutes one of the strategic sectors that can jumpstart this economy.