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Ecuador: Economic and Social Developments from 2007 to 2023

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Economic Overview

Ecuador’s economy has been heavily reliant on oil exports over the past two decades. Key economic indicators during this period include:

• Oil exports accounted for around 50% of export revenues between 2007 and 2014.
• The average price of WTI Crude Oil during the Correa administration was $77.70, while during the Lasso administration it has been $83.76.

IMF Program

In 2019, Ecuador implemented an IMF program aimed at reducing its fiscal deficit. Key components of this program include:

• A 5% of GDP fiscal adjustment over three years.
• Measures to switch from direct to indirect taxation.
• Elimination of the ceiling on interest rates.
• Introduction of an in-country liquidity requirement for banks.

Social and Political Developments

Ecuador has experienced significant social and political challenges since 2020, including:

• Over 400 inmates have been killed in prisons between 2020 and July 2023, with a recent massacre leaving at least 31 dead.
• The Citizen Revolution Movement is the largest party represented in congress but did not secure a majority on its own.
• Reforms to the labor code have weakened protections for workers under the Lasso administration.

Health and COVID-19

Ecuador’s healthcare system was severely impacted by the COVID-19 pandemic, with:

• A 2.9 times higher rate of excess deaths compared to the United States in 2020.
• Shortages of medical supplies and personnel.

Other Developments

Additional reforms implemented by the Lasso administration include:

• Measures to stem capital flight through the currency exit tax.
• Ongoing efforts to stabilize the economy despite fluctuations in oil prices.