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Ecuador Moves Forward on Path to Sustained Growth

Article Summary:

Ecuador continues to steadily keep pace on its path to sustained growth. Changes in oil contracts, which now give more resources to the State and the sustained high price per barrel of crude oil, combined with imminent development of major mining projects, are among the mainstays of the economy.

Photo Credit: El Telegrafo

Original Article Text From El Telegrafo via Google Translate :

The Ecuador Forward on the Path to Sustained Growth

The development of mining in the country, changes in oil contracts now give more resources to the State and the imminent signing of trade agreements to enhance exports.

HSBC Bank report Global Research, which points to a rapid growth in Ecuador for the next 38 years, generates optimism in the local analysts see many tangible arguments in that paper.

The changes in contracts with oil companies, which now give more resources to the State and the sustained high price per barrel of crude oil, are among the mainstays of the economy.

This is compounded by the imminent development of major mining projects in the long term, royalties will involve investments, tax payments and other items that go directly to the national treasury.

And if you include the opening of credit lines with China, Russia and other nations as well as the possibility of improving trade relations with the two giants of Asia, including India and Iran, then jump to the post 62 by increasing the product Gross Domestic Product (GDP) to $ 206,000 million in 2050, is emerging as a virtual reality.

The engineer Hugo Fernandez, dean of the Faculty of Economics, Catholic University of Santiago de Guayaquil, is not surprised by the report of HSBC Global Research.

Explain that these agencies to monitor various nations on the basis of official reports, news releases and electronic interconnect directly with agencies that there are states like Ecuador. “That way is to develop their analysis. In this there is much technical support, “he said.

Fernandez stressed that the country’s situation is optimal and can not be complaints about GDP growth since it has been maintained in recent years.

“What is certain is that Ecuador is doing well economically. That’s significant for a favorable environment in the economic and financial environment, “he said.

Fabricio Reyes, a former professor of political economy, is sure to develop mining activities in the country will give you the boost and will be the mainstay of the nation. “Soon we will be close sisters economies like Colombia and Peru, growing at rates interesting,” he said.

The analyst believes that has yet to start a local industry, however considers that the implementation of new technologies will have the opportunity to give added value to export products.

The economic consultant Carlos Negrete agrees with Fernandez and Reyes in the HSBC report is valid. Also added to these criteria the economic and social benefits that the country will once concrete and initialling trade agreements with the European Union and the United States.

“The mining development, the benefits of oil contracts and loans with China and Russia are long-term real situations that will lead the country to develop,” he said. This year, the government projected economic growth of 4.2%, but the professor ESPAE Fernando German, is more optimistic and is calculated from 5 or 5.5%. The truth is that the numbers remain stable and calm it gives ordinary citizens for the future.

Link to Original Article:

From El Telegrafo

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