Ecuador PESTLE Insights – A Macroeconomic Outlook Report
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Ecuador PESTLE Insights Report Overview
Ecuador ranked 99th out of 153 nations in the GCRI Q3 2023. The country’s GDP was $118.6 billion in 2023. Ecuador experienced commendable economic growth in 2023, paving the way for future development. The outlook for 2024 is even more promising, with an expected growth rate of more than 1%. This upswing can be primarily attributed to an increase in public consumption, driven by the advantageous scenario of lower commodity prices.
Key Sector’s Contribution to the Ecuador Economy (2019-2026)
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GDP in 2023 | $118.6 Billion |
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Ecuador Macroeconomic Outlook - PESTLE Insights
Political Landscape
Ecuador faces significant political challenges as President-elect Daniel Noboa seeks to strengthen the private sector’s role in the economy. In the backdrop of a fragmented National Assembly and minimal political backing, enacting crucial reforms becomes intricate. Noboa’s aspiration to attract foreign investment and elevate the private sector encounters obstacles from societal pressures, potential resistance from indigenous communities, and a weakened fiscal stance.
Economic Landscape
Ecuador’s growth slowed in 2023 as compared to 2022, owing to factors such as high international interest rates, political uncertainty, rising crime rates, and limited progress in growth-oriented reforms. Achieving the country’s growth and poverty reduction goals necessitates the establishment of macroeconomic stability, mitigating security concerns, enhancing the business environment, minimizing informality, and addressing challenges in sectors with competitive advantages.
Social Landscape
As of January 2024, Ecuador is experiencing an increase in violence linked to organized crime, prompting the government to declare a 60-day state of emergency and an “internal armed conflict.” Violent incidents, including car burnings and explosions, have occurred, resulting in at least 12 deaths. In January 2024, Ecuador’s President Daniel Noboa announced plans to hold a referendum on imposing tighter security measures in response to rising violence in the country.
Technological Landscape
In August 2022, Ecuador’s Ministry for Telecommunications, and Information Society (Mintel) unveiled its Digital Transformation Agenda 2022–2025 to narrow the digital divide and advance government digitization, e-commerce, and security. The comprehensive agenda is structured around seven key pillars, prominently featuring digital infrastructure, the digital economy, and digital security.
Legal Landscape
In December 2023, Ecuador’s National Assembly approved the Private Security and Surveillance Law to combat the rising crime rate in the country. The law aims to strengthen and regulate the private security and surveillance industry, covering services for the protection of individuals, personal property, and assets. It includes provisions for the training of security guards, licenses to carry weapons, and regulations to safeguard the rights of workers in the private security sector.
Environmental Landscape
The Yacuri National Park in Ecuador, one of the youngest in the country, has expanded by over 5,000 hectares (ha) towards the southern border with Peru. The expansion is a result of collaboration between the Conserva Aves consortium and the Ecuadorian Ministry of the Environment. The park, a Key Biodiversity Area, is home to various species, including the endangered Andean Condor. The expansion is a commitment from the Ecuadorian government to protect biodiversity and ecosystem services critical for climate regulation.
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Scope
Ecuador’s Ministry of Transport and Public Works intends to increase private participation in the state road network from 17% to 40% by May 2025, with tenders prepared for 12 projects, including four high-priority ones, involving a total investment exceeding $1 billion.
Key Highlights
The Ecuador ECUINDEX exhibited a downward trend over the past year. As of January 9, 2024, the index stood at 1,172.9, compared to 1,265.9 on January 9, 2023.
Reasons to Buy
- Macroeconomic Outlook Report identifies the potential of the country as an investment destination by analyzing the political, economic, social, technological, legal, and environmental (PESTLE) structure.
- PESTLE Insights provides a 360-degree view of the economy which can be used as a strategic tool to understand the market dynamics, business potentials, and direction of operations
- Along with providing the country’s snapshot, the report captures the risk factors regarding the macroeconomic risks, political environment, legal environment, demographic and social structure effectiveness, technology & infrastructure, and natural and geographic aspects that might impact business.
- This report also highlights key clusters/cities which contribute significantly to the country’s GDP and population along with major companies’ presence in these areas.
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Frequently asked questions
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What was Ecuador’s GDP in 2023?
Ecuador’s GDP was $118.6 billion in 2023.
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What was Ecuador’s rank in the GCRI Q3 2023?
Ecuador ranked 99th out of 153 nations in the GCRI Q3 2023.
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Why did Ecuador’s growth rate decline in 2023 as compared to 2022?
Ecuador’s growth declined in 2023 as compared to 2022, owing to factors such as high international interest rates, political uncertainty, rising crime rates, and limited progress in growth-oriented reforms.
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