Economic Crisis Starts to Show Up in Ecuador; Declining Oil Prices, Exports Will Have Bigger Effect in '09

Byline: John Zarocostas, THE WASHINGTON TIMES

QUITO, Ecuador -- The global economic crisis that began in the United States has spread to several nations in Latin America - and Ecuador, an Andean nation dependent on oil exports, is among the hardest hit.

A report by the U.N. Economic Commission for Latin America and the Caribbean in late October warned that the crisis has started to filter through to the Latin American economies and will have deeper repercussions in 2009.

The Ecuadorean economy of 13.9 million people is feeling the twin effects of the dramatic collapse in world oil prices and a drop in market prices of other commodity exports.

We know we cannot escape the effect of the crisis; we are not …

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Publication information: Article title: Economic Crisis Starts to Show Up in Ecuador; Declining Oil Prices, Exports Will Have Bigger Effect in '09. Contributors: Not available. Newspaper title: The Washington Times (Washington, DC). Publication date: November 4, 2008. Page number: A14. © 2009 The Washington Times LLC. COPYRIGHT 2008 Gale Group.

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