1945

A strong upturn in the Ecuadorian economy in 2001 boosted GDP growth to a region-wide high of 5.6%. This, in combination with its performance in 2000 was just barely sufficient to compensate for the decline in GDP recorded in the deep recession of 1999. The stability achieved through dollarization contributed to a considerable surge in investment flows and consumption levels. The public sector ran a small surplus for the second consecutive year, and inflation fell dramatically, dropping from the previous year's figure of 91% to 22.4%. The resultant loss of exchange-rate competitiveness triggered an unwonted expansion in imports, which, added to the sluggishness of external demand, turned the current account surplus for the two previous years into a deficit equivalent to 4.3% of GDP. Unemployment declined substantially thanks to the growth of the economy and the continued emigration of members of the economically active population.

Related Subject(s): Economic and Social Development
Countries: Ecuador
/content/books/9789211558388s003-c008
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