Ecuador’s economy will contract between 7.3% and 9.6% in 2020 due to the coronavirus pandemic, a drop in the price of crude oil and a fall in remittances, the central bank said late on Wednesday.
The expected decline comes as the country aims to renegotiate its foreign debt with creditors at a time of falling government revenue. President Lenin Moreno has said state income was likely to drop by $8 billion due to the pandemic, which has hit Ecuador particularly hard.
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