{
  "title": "Ecuador: 2015 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Ecuador",
  "publication": "IMF Staff Country Reports, October 21, 2015",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/ecuador-2015-article-iv-consultation-press-release-staff-report-and-statement-by-the-43351",
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  "summary": "This 2015 Article IV Consultation highlights that since the fourth quarter of 2014, the economy of Ecuador has been hit by external shocks and is slowing down. The sharp decline in the international oil price, by about half for the Ecuadorian mix, significantly undercut oil revenues.",
  "sections": [
    {
      "heading": "Overview and Main Findings",
      "content": "- Since the fourth quarter of 2014, the economy of Ecuador has been hit by external shocks and is slowing down.\n- The sharp decline in the international oil price, \"by about half for the Ecuadorian mix,\" significantly undercut oil revenues.\n- Competitiveness is being eroded by the real appreciation of the exchange rate.\n- Bank liquidity conditions have tightened, credit growth has slowed, and nonperforming loans have risen amid the slowdown.\n- Despite the slowdown, inflation is picking up.\n- Owing to the shocks and expected adjustment, the economy is projected to contract somewhat in 2015, while the external position deteriorates."
    },
    {
      "heading": "Subject Areas Highlighted",
      "content": "- Banking\n- Commodities\n- Economic sectors\n- Fiscal policy\n- Fiscal stance\n- Oil\n- Oil prices\n- Prices\n- Public debt\n- Public sector"
    },
    {
      "heading": "Keywords and Terms Used in the Report",
      "content": "- appreciation\n- Central America\n- central bank\n- CR\n- dollarized economy\n- economy\n- Ecuadorian economy\n- Ecuadorian government\n- financial asset\n- Fiscal stance\n- Global\n- government\n- ISCR\n- monetary regime\n- Oil\n- Oil prices\n- Public sector\n- strategic vision"
    }
  ],
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    "Published: October 21, 2015",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513519074.002",
    "Since the fourth quarter of 2014, the economy of Ecuador has been hit by external shocks and is slowing down.",
    "The sharp decline in the international oil price, \"by about half for the Ecuadorian mix,\" significantly undercut oil revenues.",
    "Competitiveness is being eroded by the real appreciation of the exchange rate.",
    "Bank liquidity conditions have tightened, credit growth has slowed, and nonperforming loans have risen amid the slowdown.",
    "Despite the slowdown, inflation is picking up.",
    "Owing to the shocks and expected adjustment, the economy is projected to contract somewhat in 2015, while the external position deteriorates.",
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    "Ecuadorian economy",
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    "Global",
    "government",
    "ISCR",
    "monetary regime",
    "strategic vision"
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