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República del Ecuador
Republic of Ecuador

Flag of Ecuador Coat of Arms of Ecuador
Motto
Dios, patria y libertad
Anthem
Salve, Oh Patria
Map of Ecuador
CapitalQuito
Government Presidential republic
President
- From 2007Rafael Correa
Legislature National Assembly
History
August 8, 1835Established
Area283,561 km²
Population
- 201014,790,608
 Density52.1/km²
GDP2010 (PPP)
- TotalUS$ 123 billion
- Per capitaUS$ 8,322
CurrencyUS dollars
Flag of None State of Ecuador
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The Republic of Ecuador is a presidential republic in South America.


Background

What is now Ecuador formed part of the northern Inca Empire until the Spanish conquest in 1533. Quito became a seat of Spanish colonial government in 1563 and part of the Viceroyalty of New Granada in 1717. The territories of the Viceroyalty - New Granada (Colombia), Venezuela, and Quito - gained their independence between 1819 and 1822 and formed a federation known as Gran Colombia. When Quito withdrew in 1830, the traditional name was changed in favor of the "Republic of the Equator." Between 1904 and 1942, Ecuador lost territories in a series of conflicts with its neighbors. A border war with Peru that flared in 1995 was resolved in 1999. Although Ecuador marked 30 years of civilian governance in 2004, the period has been marred by political instability. Protests in Quito contributed to the mid-term ouster of three of Ecuador's last four democratically elected Presidents. In September 2008, voters approved a new constitution; Ecuador's twentieth since gaining independence. General elections, under the new constitutional framework, were held in April 2009, and voters re-elected President Rafael CORREA.[1]

Economy

Ecuador is substantially dependent on its petroleum resources, which have accounted for more than half of the country's export earnings and approximately one-third of public sector revenues in recent years. In 1999/2000, Ecuador suffered a severe economic crisis, with GDP contracting by 5.3%. Poverty increased significantly, the banking system collapsed, and Ecuador defaulted on its external debt. In March 2000, the Congress approved a series of structural reforms that also provided for the adoption of the US dollar as legal tender. Dollarization stabilized the economy, and positive growth returned in the years that followed, helped by high oil prices, remittances, and increased non-traditional exports. From 2002-06 the economy grew an average of 5.2% per year, the highest five-year average in 25 years. After moderate growth in 2007, the economy reached a growth rate of 7.2% in 2008, in large part due to high global petroleum prices and increased public sector investment. President Rafael CORREA, who took office in January 2007, defaulted in December 2008 on Ecuador's sovereign debt, which, with a total face value of approximately US$3.2 billion, represented about 80% of Ecuador's private external debt. In May 2009, Ecuador bought back 91% of its "defaulted" bonds via an international auction. Economic policies under the CORREA administration - including an announcement in late 2009 of its intention to terminate 13 bilateral investment treaties, including one with the United States - have generated economic uncertainty and discouraged private investment. The Ecuadorian economy slowed to 0.4% growth in 2009 due to the global financial crisis and to the sharp decline in world oil prices and remittance flows. Growth picked up to a 3.7% rate in 2010, according to Ecuadorian government estimates.[2]

President

  • Rafael Correa () (January 15, 2007 - )



Nation


Neighbouring Nations

References

  1. The CIA World Factbook: Introduction - Background
  2. The CIA World Factbook: Economy - Overview

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