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Economic Outlook: Ecuador - October 2001 |
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Ecuador's currency lost nearly two-thirds of its value relative to the US dollar in 1999. On January 9, 2000, the government responded by dollarizing the economy. It was a good time to stabilize the currency. The price of crude oil, Ecuador's leading export, stood at an eight-year high. As the world's largest exporter of bananas, the country also saw growing income as the price of that commodity rose three years in a row. With rising fiscal income and a comfortable trade surplus amounting to 17% of GDP, even skeptics were encouraged by the good fortune smiling on Ecuador.
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