Ecuador Pestle Insights Macroeconomic Market Research Report – Ken Research 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