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IMF foresees a 10.9% fall in the economy of Ecuador for this 2020- Ecuador Times

Date: Jul 20, 2020

The International Monetary Fund (IMF) calculates that Ecuador will have a fall of the Gross Domestic Product (GDP) of 10.9% in 2020. It is the second worst fall of the economy in the Latin American region, surpassed only by the contraction of the Peruvian economy that would fall by 13.9%. The figure for Ecuador is much more discouraging than the one announced by the World Bank, which was -7.4%.

A few weeks ago, the IMF already announced a 9.4% fall in the economy in Latin America, but did not give the precise data on Ecuador, although it had foreseen that there would be a downward revision because this economy had been hit hard. . However, Ecuador’s result of -10.9% is not far from other neighboring countries that will also have complex results. For example, according to IMF forecasts, Bolivia will fall by 10.5%, Argentina by 9.9% and Brazil by will also have negative growth of 9.1%.

In any case, the IMF also presented the growth forecast for the Latin American economies in 2021 and in this scenario, Ecuador would grow by 6.3%, while Peru would do so by 6.5%.

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