Ecuador was under military rule for a number of years until 1979 when a new Constitution was introduced. It’s economy grew at an average rate of 3-4% a year in the four decades up to the year 2000 and it even avoided shrinking in the 1980's during the Latin American debt crisis. It’s economic model was based on the substitution of imports and the export of primary produce. It has become an important oil exporter and is the world’s largest exporter of bananas.

Ecuador suffered a major crisis around the turn of the Millennium owing to a confluence of unfavourable factors including a drop in the price of oil to record lows. There was a banking collapse and the outcome was that the economy became dollarized.  Since then the economy has resumed growth at a 3/4% average but to some degree it’s fortunes are linked to the price of oil.

Ecuador is well run and stable politically and would benefit from closer integration with it’s neighbours though from an economics perspective the use of the US$ makes this somewhat difficult owing to price divergences. 

Contents

Introduction

The Modern Period

The Current Era

The Modern State

Economics from the Ground Up

Political Systems

Trade Theory

The EU as a Model of Integration

Industrialisation

Synopsis

Data                                   

            World GDP                                           2018

            World GDP PPP                                   2018

            GDP per capita ppp                           2018

            Exports  &  Imports                           2018

            Container Traffic                 2010 & 2018

            Oil Production                                    2018

            Migrant Remittances                       2018

            Tourism Statistics                             2017

            Tourism Americas                             2017              

Latin America         

Background

The US and Latin America

Economy

The EU and Latin America

Mercosur

World Exports                                   2000-2018

Ecuador                         

            Introduction

            Economy

            1999/2000    Economic Crisis

            Pros and Cons of Dollarization

            Economy Since Crisis

            State Finances

            Charts & Chart Commentary

Sources

62 pages