A bad economic year consumes Ecuador

President Correa, in view of the international scene, warned that 2015 would be a difficult year and 2016 too. With that adjective, it must be included that the country has entered into a technical recession (two consecutive quarters of negative growth in GDP),  lost jobs and that counter-cyclical and trade measures that have not helped as much as expected in order to compensate the outflow of foreign exchange and the depreciation of oil as a source of income.

This led the Executive to cut the budget twice this year (up to $ 2,800 million) and restrict the budget of the upcoming year to 6,000 million dollars, even the expenditure of strategic sectors.

Safeguards, the end of fuel subsidies or the reduction of lending to maintain a strong banking are measures that reflect the economic crisis in Ecuador. And analysts look askance 2016 as the year of election campaign, in case investments and projects are paralyzed.

Source: http://expreso.ec/expreso/plantillas/nota.aspx?idart=8559104&idcat=38229&tipo=2