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Ecuador cuts growth forecast of its economy in 2016, to less than 1%
Posted On 24 Feb 2016
Ecuador’s economy this year will maintain the same growth trend of 2015, of about a 0.4%, due to the steady decline in oil prices, said Tuesday the manager of the Central Bank, during a downward revision of the initial projection.
Authorities estimated that the economy of the smaller partner of the Organization of Petroleum Exporting Countries (OPEC) would expand by 1% in 2016, but adverse oil market conditions do not sustain that forecast.
