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Innovation for Productivity Growth in Ecuador : Unlocking Constraints through Horizontal and Cluster Development Policies. / Luis Rubalcaba Bermejo.
World Bank Open Knowledge Repository (formerly "World Bank E-Library Publications") Available online
View online- Format:
- Book
- Government document
- Author/Creator:
- Rubalcaba Bermejo, Luis.
- Series:
- General Economy, Macroeconomics, and Growth Study
- World Bank e-Library.
- Language:
- English
- Subjects (All):
- Business Environment.
- Competitiveness and Competition Policy.
- Economic Growth.
- Export Competitiveness.
- Export Development and Competitiveness.
- Industrial Economics.
- Industry.
- Innovation.
- Macroeconomics and Economic Growth.
- Private Sector Development.
- Technology Diffusion.
- Trade and Integration.
- Local Subjects:
- Business Environment.
- Competitiveness and Competition Policy.
- Economic Growth.
- Export Competitiveness.
- Export Development and Competitiveness.
- Industrial Economics.
- Industry.
- Innovation.
- Macroeconomics and Economic Growth.
- Private Sector Development.
- Technology Diffusion.
- Trade and Integration.
- Other Title:
- Innovation for Productivity Growth in Ecuador
- Place of Publication:
- Washington, D.C. : The World Bank, 2017.
- System Details:
- data file
- Summary:
- Over the last decade, Ecuador experienced inclusive growth fueled by a favorable external environment that financed a vast expansion of the public sector. The country is now facing severe external and fiscal challenges due to the significant extended fall in oil prices and the appreciation of the U.S. dollar. Since mid-2014, Ecuador has lost almost half of its merchandise export income due to the decline in oil prices. Oil revenues averaged 13.2 percent of GDP between 2011 and 2014 and one-third of total fiscal revenues. The fall in oil and other commodity prices on global markets has opened broad macroeconomic imbalances and exposed Ecuador's pre-existing vulnerabilities. As a fully dollarized economy with limited savings from the boom years, Ecuador cannot soften adjustment via a nominal depreciation or a drawdown of macroeconomic buffers. The strengthening of the U.S. dollar and the major currency depreciations in neighboring trading partners also place pressures on external competitiveness. Furthermore, access to foreign borrowing has become more limited. Consequently, the burden of the adjustment falls on fiscal and income policies.
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