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LatinNews Daily - 05 June 2020

In brief: Ecuador’s central bank predicts significant GDP drop

* Ecuador’s central bank (BCE) has revised the country’s GDP forecast for 2020, predicting a contraction of between 7.27% and 9.59%. The BCE attributed the donwards revision to “the effect of the suspension of productive activities in the country as a result of the Covid-19 [coronavirus] pandemic, and the international uncertainty of Ecuador’s trading partners regarding the dynamics of its economic recovery”. Ecuador’s President Lenín Moreno reported on 3 June that the pandemic and its economic consequences, especially record low international oil prices, are expected to cost the country’s economy US$8bn this year.

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