62134
Ecuador Emerges From Recession
Ecuador Emerges From Recession

Ecuador Emerges From Recession

Ecuador Emerges From Recession

Ecuador’s economy grew 1.5% year-on-year in the last quarter of 2016, buoyed by a dynamic refining sector which allowed the oil-producing country to emerge from an economic recession, outgoing President Rafael Correa said late Saturday.
Compared with the third quarter of 2016, the smallest OPEC member state’s economy also expanded, growing 1.7%. “Without a doubt, with whatever criterion you look at this, Ecuador has overcome the recession,” Correa said from the coastal province of Los Rios, adding that the fourth quarter of last year was the first to show year-on-year growth after five quarters of contraction, Reuters reported.
“We’re leaving the next government with an economy that is growing and stabilized,” added Correa, who will leave office on May 24 after a decade in power. He will pass the baton to ally Lenin Moreno, who this month won Ecuador’s presidential election, bucking a shift to the right in South America.
Ecuador’s economy was hit by the fall in oil prices, a strong dollar that hurts the dollarized export-oriented country, and a severe earthquake last year.
Correa did not give a GDP figure for full-year 2016, but said Ecuador could grow more than the 1.42% projected by the central bank.
Lenin Moreno secured 51.1% of the votes compared to Guillermo Lasso’s 48.9%, with just over 95% of votes counted.
The head of the National Electoral Council called on the candidates to recognize the results. Economists say that the next president will have a hard task slashing a deficit that ballooned in the final years of Correa’s government, as oil prices crashed and the dollarized Ecuadorean economy lost competitiveness compared to its neighbors.

Short URL : https://goo.gl/Co7mae
  1. https://goo.gl/ObEvt8
  • https://goo.gl/WYVP9P
  • https://goo.gl/130pWJ
  • https://goo.gl/4QlQb7
  • https://goo.gl/A0NxSJ

You can also read ...

Dow futures dropped more than 100 points in early trading, as traders returned from the long holiday  weekend to face fresh selling pressure for US stocks.
A six-day rebound in world stocks began to splutter on Tuesday...
ADB Forecasts India Growth at 7.3 Percent
The Asian Development Bank expects India’s growth to pick up...
Ghana Told to Cut High Agro Imports
The World Bank country director for Ghana, Henry Kerali, has...
Chinese ironworks are increasingly  using Australian ore, which has  a high iron content.
Global stock markets are down from their recent peaks and...
London-based Capital Economics expects the German economy to expand by 2.7% this year. This would be above the government’s  more conservative forecast of 2.4%.
The German economy is expected to improve in the next six...
Indonesia Criticizes Trump’s Protectionist Policies
Indonesia is foregoing billions of dollars on offer from...
Goldman Raises Red Flag Over US Gov’t Spending
US fiscal policy is headed for “uncharted territory.” That’s...
Venezuela’s Digital Currency Makes Debut
Venezuela has begun the process of introducing a new digital...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus