The report PESTLE
Insights: Macroeconomic Outlook Report- Ecuador identifies the
country as an investment destination by analysing political, economic, social,
technological, legal and environmental factors. The report helps in
understanding the market dynamics and business potentials by analysing various
risk factors that are likely to affect the business. The report also studies
the country’s geography and analyses the best performing countries and the
industries operating there.
Ecuador is a north-western South-
American country with a population of over 15.8 million. It is bounded by
Columbia in the north, Peru in the south and east and Pacific Ocean in the
west. The capital city is Quito, while the largest
city is Guayaquil. Ecuador gained its independence in 1820 from the
Spanish regime and emerged as a Sovereign in 1830. Ecuador’s official language
is Spanish and is one of the 17 mega diverse countries of the world. It is one
of the developing countries and heavily depends on other countries for
commodities like petroleum, agricultural products. It is a democratic republic
nation and the first country to enforce Rights of Nature. Ecuador lost around
61% of its land area to due to conflict with the neighbouring countries of
Brazil, Columbia and Peru. Despite its small size, the country is located in a
strategic position in the Pacific borderline and is known for its rich diversity
culturally and ecologically.
Politically, Ecuador has been one of the world’s oldest democracies. However, the country faced
political instability over the past 20 years due to frequent change in the leadership
of the country and this led to non- perpetuity of the plans and policies and
thus to the instability politically and economically. The 10th
President of Ecuador, Rafael Correa has served the country for a decade from
2007 to 2017 and his policies were focussed mainly on social spending, control
on Ecuador’s economy and territory. Economically, mining, manufacturing and
utilities activities are the largest contributors to the country’s GVA. Ecuador
uses USD as its currency. Socio- economically, Rafael’s government faced few
important challenges of rising poverty, unemployment and illiteracy among the
socially backward classes and his policies on social welfare were mainly
focussed around the same areas.
Technologically, the country has seen huge investments in the technology
industry from big software firms of USA and India. Most of the software
development of the country is focused on improving the software for financial
institutions. Legally, Ecuador has constantly amended its law since its
independence and few major amendments relate to the change in the national
currency and oil industry crisis. The country’s law supports democratisation of
media and communication, supports diversity and multiplicity.
Ever since the earthquake in 2016,
the country has heavily invested in infrastructure. A lion’s share of its
foreign investments comes from the European nations. The transport and logistic
of the country have grown tremendously and has seen a shift from World Bank’s
LPI index of 86th to 74th in just two years.
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Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
