Crisis in USA and Europe could affect the Ecuadorian Market

The main commercial partners of Ecuador are threatened by the economic crisis that the United States has due to its debt. Meanwhile the European Union struggles to control the changes generated by the indebtedness of its partners.

According to the numbers of the Ecuadorian Banco Central this scenario worries Ecuador since those markets comprehend the 53,3% of the Ecuadorian exporters. The current migrant remittances represent over two thousand million dollars per year. Analysts fear that those two areas will suffer the biggest blow of the economic crisis.

The economic crisis of the United States adds to the world scenario of countries with over-indebtedness (overhang) like Spain, Italy, Portugal, and Greece. This crisis supposes a decrease of production of foreign companies, thus they will purchase less products and commodities such as oil, banana, and cocoa. This situation may affect the world market in general. (AV)

Source: El Universo Newspaper