Ecuador

In January 2000, the Ecuadorian authorities decided to formally replace the sucre as legal tender with the United States dollar, in response to the acute crisis of confidence in the currency which had caused its external value to collapse. Although the announcement of this radical change in the economic system exacerbated an already unstable political situation that culminated in the removal of the President, the new authorities continued with the dollarization policy and introduced the new monetary scheme in the course of the year. It was under these circumstances that, after contracting sharply in 1999, the Ecuadorian economy recorded a modest growth rate of 2.3%, which was sustained by an upturn in domestic demand and increased oil exports.

Sustainable Development Goals:

Decent Work and Economic Growth

Industry, Innovation and Infrastructure

Peace, Justice and Strong Institutions