Ecuador's Slow Economic Death

 Micah Weinstock

Mr. Roddy

IHSS
2/4/2021

Ecuador's Slow Economic Death


Ecuador is currently undergoing One of the worst recessions of all time. The economy has shrunk about eleven percent in the last year alone, and a very large portion of the country is no longer even able to pay their rent. Their short-term as well as their long-term economic future has a lot to do with their upcoming presidential elections which will be on Sunday. A very large portion of their economy is the oil industry, and after oil prices dropped in 2015, many people were put out of work and the industry became significantly less profitable. Signs of a declining economy have been evident for a very long time, as twenty years ago they had to abandon their currency and use the US dollar due to their extreme hyperinflation. Many people believe that the next president of Ecuador will have to be a very loyal friendly president as the country has very large oil reserves and that will likely have to be the path out from national poverty.

This article gives massive insight. Even though it only shows the microcosm economy that is Ecuador, the coronavirus is affecting many countries in a very similar way. It would be an extreme untruth to believe that this is the only country that this is happening to. Every single country on earth is having at least some economic repercussions due to the ongoing pandemic. Many people have lost their jobs and many more will continue to lose them. That is how this article relates to us. Even though this article is not talking about the United States, the exact same thing is happening in the United States. Many people are struggling financially, and in the same thought many people are no longer able to pay their rent as I said about Ecuador. A presidential election has a lot to do with the future of our economy. The Biden Administration is still largely untested, we do not know our economic future regardless of how much we try to project it. The relation of this article to economics, is in that coronavirus is burning a hole in the wallet of this country. Even in aspects that seemed unaffected by the general public, like their soccer teams. As someone who tracks player transfers, I have noticed that many teams in South America, but especially Ecuador have been selling very important players that they've likely would not have otherwise. This signifies in extreme struggle for money within the country.



Cano, Regina Garcia, and Gonzalo Solano. “Ecuador to Pick New President amid Deepening Economic Crisis.” PBS, Public Broadcasting Service, 3 Feb. 2021, www.pbs.org/newshour/world/ecuador-to-pick-new-president-amid-deepening-economic-crisis.

Comments

Post a Comment

Popular posts from this blog

Civil Rights Issues in Syria - Alex Gross

  Alex Gross Mr. Roddy IHSS 6 April 2021 Civil Rights in Syria Syria, the densely populated country in the Middle East which is home to over 17 million people is plagued with a plethora of different Civil Rights issues and violations. The issues in Syria range from unlawful killings and assassinations, to excessive deployment of government forces. There have also been hundreds of articles in the past few years surrounding the Syrian refugee issues, which says a lot about the status of corruption in the country. An article from the Atlantic Council that was published yesterday (April 5th, 2021) goes into detail about another aspect of the difficulties of life in Syria; the economic struggle. The citizens of Syria are forced by the government to pay ridiculous amounts of money to exit and enter the country, renew passports, and quarantine due to covid. In-turn, this causes the citizens to be less likely to leave the country, despite its many issues. This problem is exacerbated by ...
Read more

Arkansas' Anti-trans bill

  Isa Pedersen  Mr. Roddy  IHSS 9 April 2021 Arkansas’ Anti-trans bill  For centuries the trans community was discriminated against. But recently Arkansas passed a bill that highly affects trans rights and healthcare. The bill states that trans individuals are not allowed to get gender affirming surgeries. This included hormones such as testosterone and androgen, as well as puberty blockers. This is said to be one of the most detrimental bills passed against the trans community in ages. Not only this but some states have already passed bills that don't allow trans kids to take part in sports or competitions. These states include Arkansas, Tennessee, and Mississippi. Tennessee and Alabama are already starting to get the same bill passed. Texas is on the list that is assumed to follow Arkansas and pass the bill as well. Certain cities were able to make bills that heavily discriminate against the trans community, but states have never passed bills this big before. The...
Read more

The Pandemic has Been Bad for Civil Rights - Andy

Andy Walsh Mr. Roddy IHSS 6 April 2021 The Pandemic has Been Bad for Civil Rights  The COVID-19 pandemic has brought a lot of challenges to today’s society. However, in Latin America it is an even bigger issue. Across all of Latin America, the health crisis has been accompanied by civic disruptions causing the lack of communication and justice in civic spaces. Widespread quarantines and lockdowns have put a lot of stress on the civic system of all countries. However, countries with high poverty and large homeless populations have had trouble enforcing rules related to COVID. The lack of enforcement and communication have caused many issues in these countries. “ The measures taken in response to the pandemic have restricted civic spaces at local, national, regional and even international levels. The situation is alarming to the international community in general, and to the international rights community in particular.” (Andrés Serbin ). COVID has brought the need for governments...
Read more