Economy & Business - April 2021

ECUADOR: Pandemic deals major blow to poverty reduction progress

In 2020, Ecuador’s national poverty rate by income grew by seven percentage points to 32.4%, a level not seen since 2010, while extreme poverty increased by six percentage points to just under 15%. This significant setback for the country’s fight against poverty indicates the extent of the socioeconomic impact of the economic crisis produced by the coronavirus (Covid-19) pandemic in the past year. Nonetheless, it is important to note that since 2014, poverty indicators have remained stubbornly static as a result of the low economic growth the country has experienced. Surveys suggest high levels of discontent with living standards, an issue which has dominated the 2021 election campaign and will be a crucial challenge for the next government which will take office in May.

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