Ecuador will stand up to falling oil prices

Ecuador will have to face the falling oil prices and the appreciation of the dollar.

Diego Martinez, delegate of the Presidency to the Policy and Monetary and Financial Regulation Board, said at a press conference that last year, the GDP growth excelled by 3.8%, making the national economy reach the highest growth of the region.

The appreciation of the dollar and the falling oil prices have impacted the balance of payments of the state, as the country has a deficit of $ 8,000 million. However, “growth expectations throughout the region are being reduced,” Martinez said, adding that Ecuador has the financial capacity to cope with this situation.

According to Mateo Villalba, manager of the Central Bank, also present at the press conference, the Ecuadorian economy is one of the highest growing nations in Latin America, by boosting domestic consumption and not relying on oil production.