About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

1 1 (January 5, 2021)

handle is hein.crs/goveapc0001 and id is 1 raw text is: ~rdcamin() h c~i Ia' Updated January 5, 2021 Ecuador: An Overview Political and Economic Situation Ecuador is a small, ethnically and geographically diverse country of 17 million inhabitants, located in South America between Colombia and Peru. In 2017, Lenin Morenoofthe leftist Alianza Pais (AP) party was elected president, succeeding President Rafael Correa (2007-2017), a populist leader of the s ame party who had governed in an increasingly authoritarian manner. Correa, Ecuador's longest-serving president, was reelected three times, bringing stability to Ecuador's previously tumultuous politics. Many thought Correa's socialist Citizens' Revolution movement would continue under President Moreno, who served as Correa's vice president for six years. President Moreno quickly distancedhimself from Correa in style and substance, however, and implemented liberal political and economic reforms. Historically, Ecuador's economy has relied on agricultural commodities, such as bananas, shrimp, and coffee. The discovery ofoilin the Amazon in 1967 transformed the Ecuadorian economy, but the country remains largely dependent on commodity exports despite diversification efforts. Ecuador adopted the U.S. dollar as its national currency in 2000, following a major recession. Dollarization helped to curb inflation and foster macroeconomic stability. However, according to numerous assessments, strong economic growth under Correa, which averaged 5% annually between2010 and 2014, was driven by a public investment boomfueled by high oil prices and lending fromChina. For its construction projects, the Correa government took on extensive debt fromChina that is partially repayable with oil shipments. Althoughthe politically significant indigenous population initially supported Correa (see Figure 1), this support dwindled as Amazon and highland indigenous areas were threatened by resource exploitation and infrastructure development. Ecuador is one ofthe world's most biodiverse nations, with protected areas encompassing 25% of the country. The M oren o Ad min istration Through 2020 President Moreno has chosen not to run in national elections scheduled for February 2021 and is to conclude his presidency in May 2021 after a single term. His efforts to improve trade with the United States and renew other bilateral ties have been met with public skepticism. In addition, Moreno's government has been challenged by the fallout of the Coronavirus Disease 2019 (COVID-19) pandemic. The outbreak, combined with a halting economic recovery, has taken a tollon Moreno's public standing. His approvalratings are among the lowest in the region at 7%, according to numerous polls. At the s ame time, many analy s ts credit Pres ident Moreno for making major efforts to curb corruption, open and liberalize trade, and strengthen democratic institutions by bols tering judicial independence and press freedom. Figure I. Ecuador at aGlance Area: IU,4di square miles, slightly smaller than Nevada Leadership: President: Lenin Moreno; Vice President: Maria Alejandra Muiioz Seminario; Minister of Foreign Relations: Luis Gallegos Chiriboga Ethnic Makeup: 72% Mestio (mixed Amerindian and White); 7.4% Montuvio (coastal farmers of mixed race and indigenous heritage); 7.2% Afro-Ecuadorian; 7% Amerindian; and 6.1% White (2010 census, National Statistics and Census) Key Trading Partners: United States (26.7%), China (14.8%), and Panama (8%) (Trade Data Monitor) Poverty Rate: 25% (2019,World Bank) Economy: GDP = $93.1 billion (current U.S. $, 2020 World Bank est.) In October 2017, after two months in office, President Moreno s uspendedhis vice president, Jorge Glas, for alleged corruption. Glas was another former Correa vice president who remained close to the former leader. In December 2017, Glas was convicted of taking $13.5 million in bribes fromOdebrecht, a Brazilian construction firmat the center of corruption prosecutions throughout Latin America, while serving as head of Ecuador's state oil company. In January 2018, Ecuador's legislature impeached Glas, who begana six-yearprisonsentence that was upheld on appealin October 2019. In February 2018, Moreno organized a successful referendumthat prohibited indefinite reelection and adopted other measures to counter public corruption. The referendumalso drove a wedge between AP factions aligned with Moreno andthose loyal to Correa, who would be prohibited fromreturning to office. The former president campaigned against thereferendum, which he characterized as a ploy to diminish his achievements. (However, in April 2020, Correa was convicted of corruption and sentenced in absentia, as he currently lives in Europe). Although Ecuadorian voters approved Moreno's referendummeasures, Correa convinced more than one- tps://crsreports.congress

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Already a HeinOnline Subscriber?

Log In

profiles profiles most