RIO DE JANEIRO, BRAZIL - Ecuador's economy contracted 7.8% in 2020 due to the coronavirus pandemic's effects, which hit hard household and government consumption, investment, and exports, the Andean country's economic authorities said Thursday.
The fall in Gross Domestic Product (GDP) in 2020 was less than the 9.5% projected by the International Monetary Fund (IMF) in the midst of the pandemic, but the negative rate recorded is one of the strongest contractions decades.
"Last year, the Ecuadorian economy decreased at 7.8% (...) this is undoubtedly a rate absolutely much more compatible with the effort that has . . .