Ecuador: Crisis and adjustment policies. Their effect on agriculture

In the 1970s the production and export of oil caused enormous economic and social changes in Ecuador. The gross dometic product grew at rates of between 14 and 25%, and the re were considerable in creases in the formation of capital, indemand — especially in the publicsector— and in im ports. The first signs of a balance-of-payments problem appeared in 1975 and they reappeared with force in 1977, reaching two years later levels of external debt whose service took 65% of export earnings.