How is Ecuador's economy?

Countries with relatively backward economy in South America have weak industrial base and slow agricultural development. Economic development can be divided into three periods, namely, cocoa period, banana period and oil period. Ecuador is famous as "the country of bananas". Since 1992, banana production and export have been ranked first in the world for many years. In 1970s, the petroleum industry developed rapidly and the national economic structure changed greatly. Since the mid-1980s, affected by natural disasters, falling international market prices and policy mistakes, Qualcomm has faced economic difficulties such as inflation, high unemployment rate and excessive foreign debt burden, but it has maintained a low growth rate.

During the period of 65438-0998, Ecuador's economic situation was grim due to the adverse effects of the collapse of oil prices, El Ni? o phenomenon and the financial crisis in Southeast Asia. In September, the Malaysian government implemented an economic policy based on currency devaluation and the abolition of some subsidies. 1June, 1999, a capital turnover tax of 1% was imposed on financial transactions, which led to the sharp depreciation of Sucre. In order to stabilize the exchange rate, Ecuador's central bank was forced to use a large amount of foreign exchange reserves, and greatly increased the interbank lending rate and reserve ratio. On February 12, the central bank announced that Sucre would float freely against the US dollar. In March, an industry-wide crisis broke out in Ecuador's banking industry due to "relationship payment", and the financial situation was rapidly turbulent. Many banks, such as Western Bank, Progressive Bank, Agricultural Bank and Foreign Trade Bank, closed down one after another and were taken over by the government for liquidation and reorganization. Since April, the government has been forced to freeze bank accounts and rectify the financial industry. In August, the President of Ecuador announced that he would suspend the payment of $96 million in interest on "Brady" bonds, which led to another sharp drop in the Sucre exchange rate. In June 5438 +2000 10, President Mahuad announced the dollarization of the economy, which was opposed by the people. After novoa took office, he officially implemented the policy of dollarization of the economy, promoted economic restructuring and reform, and won loans from international financial institutions, which improved the financial situation and revived the economy. The main economic data for 2000 are as follows:

Gross domestic product: 139.438+0 billion USD.

Per capita GDP: 1 100 USD.

GDP growth rate: -3.66%.

Currency name: Sucre.

Exchange rate (65438+2000 1 October):1USD =25000 sucres.

Inflation rate: 9 1%.

Unemployment rate: 14%.