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Andean Group - January 2020

The costs of protest: Ecuador digs itself into a deeper economic hole

On 28 December 2019 Verónica Artola, the general manager of Ecuador’s central bank (BCE) announced during a radio interview that its forecasts for the country’s economic growth in 2019 had been downwardly revised due to the impact of the October protests. While Artola did not declare the revised growth prediction, she did state that growth would be negative, down from the previous forecast of 0.2%, due to losses of between US$700m and US$800m during the protests.

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