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The economy of Ecuador is driven by the country’s rich petroleum resources and great agriculture. Ecuador is an exporter of some of the most popular products in the world, including bananas, oil, and shrimp. As the needs for these and other items fluctuate throughout the world, the economy of the country responds in kind.

The economy of Ecuador is also frequently affected by weather systems, as it was in 1997 with the onset of El Nino.

There was political unrest in Ecuador in the late 1990s because the president, Jamil Mahuad, decided to make the United States dollar the official unit of currency for the country. As massive protest arose, Mahuad was forcibly removed from office and replaced by Vice President Gustavo Noboa. Even in the midst of this controversy, the decision stood, and US dollar is currently the accepted currency in Ecuador.

Over 70% of the population of Ecuador lives below the poverty line, and inflation is at the alarming rate of 96%. There are positive trends, however, which provide some hope that the economy may soon be on an upswing.

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