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Ecuador’s Economy Since 2007

Author

Listed:
  • Rebecca Ray
  • Sara Kozameh

Abstract

Outside observers could be forgiven for expecting Ecuador to suffer terribly during and after the recent global crisis. Two of the country’s largest sources of foreign earnings, petroleum exports and remittances from abroad, crashed during the global recession. Furthermore, lacking its own currency, the government’s options for responding were limited. But instead of a deep, protracted recession, Ecuador lost only 1.3 percent of GDP during three quarters of contraction. After four additional quarters the economy returned to the pre-recession level of output, and two years after the recession started, it reached its 20-year growth trend. This paper takes a detailed look at the fiscal, monetary, and other economic and social policies implemented during the last five years, as well as the role of the external sector in the economy. It also examines economic and social outcomes including levels of poverty, inequality, and unemployment as well as education and health outcomes for children.

Suggested Citation

  • Rebecca Ray & Sara Kozameh, 2012. "Ecuador’s Economy Since 2007," CEPR Reports and Issue Briefs 2012-14, Center for Economic and Policy Research (CEPR).
  • Handle: RePEc:epo:papers:2012-14
    as

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    File URL: http://www.cepr.net/documents/publications/ecuador-2012-05.pdf
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    References listed on IDEAS

    as
    1. Fernald, Lia C.H. & Hidrobo, Melissa, 2011. "Effect of Ecuador's cash transfer program (Bono de Desarrollo Humano) on child development in infants and toddlers: A randomized effectiveness trial," Social Science & Medicine, Elsevier, vol. 72(9), pages 1437-1446, May.
    2. Mark Weisbrot & Luis Sandoval, 2009. "Update on the Ecuadorian Economy," CEPR Reports and Issue Briefs 2009-22, Center for Economic and Policy Research (CEPR).
    3. Christina Paxson & Norbert Schady, 2010. "Does Money Matter? The Effects of Cash Transfers on Child Development in Rural Ecuador," Economic Development and Cultural Change, University of Chicago Press, vol. 59(1), pages 187-229, October.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Cruces Guillermo & Fields Gary S. & Jaume David & Viollaz Mariana, 2015. "The growth-employment-poverty nexus in Latin America in the 2000s: Ecuador country study," WIDER Working Paper Series 076, World Institute for Development Economic Research (UNU-WIDER).

    More about this item

    Keywords

    Ecuador; economy; growth; macroeconomics;

    JEL classification:

    • F - International Economics
    • F1 - International Economics - - Trade
    • F2 - International Economics - - International Factor Movements and International Business
    • F3 - International Economics - - International Finance
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • I - Health, Education, and Welfare
    • I1 - Health, Education, and Welfare - - Health
    • I12 - Health, Education, and Welfare - - Health - - - Health Behavior
    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health
    • O - Economic Development, Innovation, Technological Change, and Growth
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • O5 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
    • E - Macroeconomics and Monetary Economics
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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