Ecuador: 2015 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Ecuador

October 21, 2015

Preview Citation

Format: Chicago

Ecuador: 2015 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Ecuador, (USA: International Monetary Fund, 2015) accessed November 21, 2024

Summary

This 2015 Article IV Consultation highlights that since the fourth quarter of 2014, the economy of Ecuador has been hit by external shocks and is slowing down. The sharp decline in the international oil price, by about half for the Ecuadorian mix, significantly undercut oil revenues. In addition, competitiveness is being eroded by the real appreciation of the exchange rate. In the face of the economic slowdown, bank liquidity conditions have tightened, credit growth has slowed, and nonperforming loans have risen. Despite the slowdown, inflation is picking up. Owing to the shocks and expected adjustment, the economy is projected to contract somewhat in 2015, while the external position deteriorates.

Subject: Banking, Commodities, Economic sectors, Fiscal policy, Fiscal stance, Oil, Oil prices, Prices, Public debt, Public sector

Keywords: Appreciation, Central America, Central bank, CR, Dollarized economy, Economy, Ecuadorian economy, Ecuadorian government, Financial asset, Fiscal stance, Global, Government, ISCR, Monetary regime, Oil, Oil prices, Public sector, Strategic vision

Publication Details

Pages:

79
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2015/289
Stock No:

1ECUEA2015001
ISBN:

9781513519074
ISSN:

1934-7685

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