Puerto Rico forecasts falling economy and population

Puerto Rico’s governor submitted a revised fiscal plan Thursday that estimates the U.S. Caribbean territory’s economy will shrink by 11% and its population drop by nearly 8% next year. The proposal doesn’t set aside any money to pay creditors in the next five years as the island struggles to restructure its $73 billion public debt.

The five-year plan assumes Puerto Rico will receive at least $35 billion in emergency federal funds for storm recovery and an additional $22 billion from private insurance — far below the $95 billion in damage officials estimate was caused by Hurricane Maria.