What is the economy of Ecuador

Ecuador A country is looking for its way out of the crisis

In the runoff election on April 11, 2021, the conservative candidate Guillermo Lasso was elected as the new president of Ecuador. He announced a more economically liberal course to lead the country out of the crisis. It will be important to take the various social forces with us and bring them together on this path.

Ambitious development goals

The Ecuadorian government has set itself ambitious development goals. The national development plan for the period 2017 to 2021 formulates the goal of a life free from poverty and violence. The political and social dialogue and the participation of the population in all areas of life are of great importance. The development plan is explicitly understood as a national implementation of the 2030 Agenda (call up the lexicon entry for the term) *. It combines the topics of social inclusion, ecological sustainability, political participation and peace.

Challenges

With the collapse in oil prices since 2014, the Ecuadorian government's room for maneuver and design was significantly reduced even before the corona pandemic. The core task therefore remains in the medium to long term, a transformation in the direction of a sustainable development model that offers alternatives to the current export of raw materials.

The extraction of resources (especially the expansion of oil fields and mines in sensitive ecosystems) creates tension: On the one hand, the economic crisis, pandemic and austerity policies require additional sources of income. On the other hand, an economy based on raw materials sometimes provokes socio-ecological conflicts and distribution issues, especially with regard to indigenous interests and compliance with environmental and social standards. The challenge therefore remains to drive a gradual change in an ecologically sustainable and socially just manner.