Ecuador’s central bank forecasts sustained recovery
Nation experienced two years of recession on falling oil prices
The Ecuadorian economy is expected to grow until the end of the decade after suffering two years of recession due to lower oil prices, the Central Bank of Ecuador forecasts.
Ecuador’s GDP fell by 2.2% in 2016, following the sharp decline in oil prices, which also hit Colombia and Venezuela. Brent crude prices dropped from $114 per barrel in June 2014 to $29/bbl in January 2016 on higher US shale oil production. They stand today (August 21) at $52/bbl. Ecuador is member of the Organization of
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