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Economy of Ecuador

The economy of Ecuador is the eighth largest in Latin America and the 69th largest in the world by total GDP. Ecuador’s economy is based on the export of oil, shrimp, other primary agricultural products and money transfers from Ecuadorian emigrants employed abroad. In 2017, remittances constituted 2.7% of country's GDP. The total trade amounted to 42% of the Ecuador’s GDP in 2017; the country is dependent on its petroleum resources. In 2017, oil accounted for 32 % of export earnings. Ecuador is one of OPEC's smallest members and produced about 531,300 barrels per day of petroleum in 2017, it is a major exporter of shrimp. Exports of non-traditional products such as cut flowers and canned fish have grown in recent years. In the past, Ecuador’s economy depended on primary industries like agriculture and aquaculture; as a result of shifts in global market trends and development of technology have led to the economic development of other sectors like textile, processed food and the service sectors. Between 2006 and 2014, GDP growth averaged 4.3 %, driven by external financing.

From 2015 until 2018 GDP growth averaged just 0.6%. Ecuador's president, Lenín Moreno, has launched a radical transformation of Ecuador’s economy since taking office in May 2017; the aim is to increase the private sector’s weight, in particular the oil industry. The International Monetary Fund approved an agreement with Ecuador in March 2019; this arrangement would provide support for the Ecuadorian government’s economic policies over three years. Deteriorating economic performance in 1997–98 culminated in a severe financial crisis in 1999; the crisis was precipitated by a number of external shocks, including the El Niño weather phenomenon in 1997, a sharp drop in global oil prices in 1997–98, international emerging market instability in 1997–98. These factors highlighted the Government of Ecuador's unsustainable economic policy mix of large fiscal deficits and expansionary money policy and resulted in a 7.3% contraction of GDP, annual year-on-year inflation of 52.2%, a 65% devaluation of the national currency in 1999.

On January 9, 2000, the administration of President Jamil Mahuad announced its intention to adopt the U. S. dollar as the official currency of Ecuador to address the ongoing economic crisis. Subsequent protest led to the 2000 Ecuadorean coup d'état which saw Mahuad's removal from office and the elevation of Vice President Gustavo Noboa to the presidency; the Noboa government confirmed its commitment to convert to the dollar as the centerpiece of its economic recovery strategy completing the transition from sucres to dollars in 2001. Following the completion of a one-year stand-by program with the International Monetary Fund in December 2001, Ecuador negotiated a new $205 million stand-by agreement with the IMF in March 2003. Buoyed by higher oil prices, the Ecuadorian economy experienced a modest recovery in 2000–01, with GDP rising 2.3% in 2000 and 5.4% in 2001. GDP growth leveled off to 3.3% in 2002. Although final figures are not yet available, it is expected to fall further, to about 1.7%, for 2003.

GDP growth is estimated to recover to over 4% in 2004, due to expanded oil exports. Inflation fell from an annual rate of 96.1% in 2000 to an annual rate of 37.7% in 2001. Despite recent gains, 40% of the population lives below the poverty line, more than double the rate five years ago; the completion of the second Transandean Oil Pipeline in 2003 enabled Ecuador to expand oil exports. The OCP will double Ecuador's oil transport capacity; the industrial sector has had enormous difficulty to emerge significantly. The industrial sector's main problem is the deficit of energy, which the current government has tackled with the improvement of performance on existing hydro plants, the creation of new ones; such projects included negotiation of the Coca-Codo hydroplant. Incentives of financing, tributary incentives and others will be implemented, intended to benefit areas of tourism, foods process and alternative energies, bioenergies and chemical products and environmental biomedecine, automotive metallurgical industry and automotive parts and pieces, among others.

A 500 kV transmission line increases national grid strength and electricity trade with Peru and Colombia. Ecuador's economy is the eighth largest in Latin America and experienced an average growth of 4.6% per year between 2000 and 2006. In January 2009, the Central Bank of Ecuador put the 2010 growth forecast at 6.88%. GDP doubled between 1999 and 2007, reaching 65,490 million dollars according to BCE. Inflation rate up to January 2008 was located about 1.14%, the highest recorded in the last year, according to Government. The monthly unemployment rate remained at about 6 and 8 percent from December 2007 until September 2008, however, it went up to about 9 percent in October and dropped again in November 2008 to 8 percent. An estimated 9 million Ecuadorians have an economic occupation and about 1.01 million inhabitants are in unemployment condition. In 1998, 10% of the richest population had 42.5% of income, while 10% of the poor had only 0.6% of income. The rates of poverty were higher for populations of indigenous, afro-descendents, rural sectors.

During the same year, 7.6% of health spending went to the 20% of the poor, while 20% of the rich population received 38.1% of this expenditure. The extreme poverty rate has declined between 1999 and 2010. In 2001 it was

High Hills of Santee Baptist Church

High Hills of Santee Baptist Church is an historic Southern Baptist church located in the High Hills of Santee in Stateburg, near Dalzell in Sumter County, South Carolina. Its congregation was founded in 1772 and the present church was built in 1848, its first pastor was Richard Furman, who went on to become one of South Carolina's most influential ministers. Furman University was named for him. Many of the Baptist churches in the area are offshoots of this church. High Hills of Santee Baptist Church is a contributing property in the Stateburg Historic District, listed on the National Register of Historic Places on February 24, 1971. High Hills Baptist Church is a member of the Santee Baptist Association. Santee Baptist Association directory Historic American Buildings Survey for High Hills of Santee Baptist Church Blog with pictures and text on visit to High Hills Baptist Church History of Sumter History of Church Photos of church in 1934 City of Sumter heritage and history listing for High Hills of Santee Baptist Church High Hill Baptist Church Retains Old-Time Atmosphere, Cotton Boll Conspiracy, May 15, 2016

Kajigaya Station

Kajigaya Station is a railway station on the Tokyu Den-en-toshi Line in Takatsu-ku, Japan, operated by the private railway operator Tokyu Corporation. Kajigaya Station is served by the Tokyo Den-en-toshi Line with through services to and from the Tobu Isesaki Line via the Tokyo Metro Hanzomon Line, it is located 12.2 km from the terminus of the Tokyu Den-en-toshi Line at Shibuya Station. Kajigaya Station consists of two island platforms serving a total of four tracks, with the station building located above the platforms. However, since the station is built in a cutting in a hillside, the exits to the station are level with the ground-level road outside. Platform 4 is not used by stopping trains. Kajigaya Station opened on April 1, 1966. Tokyu Kajigaya Station Information