Ecuador has substantial oil resources and rich agricultural areas. Because the country exports primary products such as oil, bananas, and shrimp, fluctuations in world market prices can have a substantial domestic impact. Ecuador joined the World Trade Organization in 1996, but has failed to comply with many of its accession commitments. In recent years, growth has been uneven due to ill-conceived fiscal stabilization measures. The aftermath of El Nino and depressed oil market of 1997-98 drove Ecuador's economy into a free-fall in 1999. The beginning of 1999 saw the banking sector collapse, which helped precipitate an unprecedented default on external loans later that year. Continued economic instability drove a 70% depreciation of the currency throughout 1999, which eventually forced a desperate government to "dollarize" the currency regime in 2000. The move stabilized the currency, but did not stave off the ouster of the government. The new president, Gustavo NOBOA has yet to complete negotiations for a long sought IMF accord. He will find it difficult to push through the reforms necessary to make "dollarization" work in the long run.
Industry:
petroleum, food processing, textiles, metal work, paper products, wood products, chemicals, plastics, fishing, lumber
Ethnicgroups:
mestizo (mixed Amerindian and white) 65%, Amerindian 25%, Spanish and others 7%, black 3%
Yellow fever:
A yellow fever vaccination certificate is required from travellers over 1 year of age coming from infected areas.
Malaria:
Malaria risk—P. falciparum (57%), P. vivax (43%)—exists throughout the year below 1500 m, with some risk in Cotopaxi, Loja and Los Rios. Higher transmission risk is found in El Oro, Esmeraldas and Manabi. There is no risk in Guayaquil or Quito. A high proportion of P. falciparum cases in Esmeraldas Province are reportedly resistant to chloroquine.
