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
Ecuador 2020
- Product Code: ISSN 2014-5063 (2020) No 9
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