Correa boasts of Ecuador’s economic progress, says it’s the strongest in Latin America and warns of right-wing threat

Sep 29, 2014

President Rafael Correa has defended Ecuador’s economic performance from opposition attacks, citing data from the Economic Commission of Latin America (ECLAC) that notes the country’s strong economic growth and reduction of poverty.

“There’s no economy in Latin America more robust than Ecuador’s,” he said.

According to ECLAC, from 2007 to 2012 Ecuador's GDP grew at an annual average of 4.3 percent, above the average for Latin America and the Caribbean, which was 3.5%.

ECLAC has also noted that extreme poverty rates have declined significantly. In 2001, 40% of the population was affected, while by 2011 the figure more than halved to 17.4%.

The president also slammed opposition charges that the government has no reserves. Correa said the figures show the very opposite. Before his term of office, for example, there were only US$50 million in the country’s treasury, but today there is $US800 million.

In an TV interview aired over the weeknd, Correa said his government is betting on improving human talent as a motor of future economic development. To this end, more than 9,000 Ecuadorian students have received scholarships to study in the world’s leading universities.

He explained that this and other policies have led to praise from bodies such as ECLAC, drawing attention to the major projects in health, education, highways and public infrastructure as a measure of the country’s robust economy.

The President explained that opposition use of distorted figures used to claim economic instability represents part of the efforts by conservative forces to return to power. Correa said the opposition was deliberately repeating false claims that the country is supposedly bankrupt in order to negatively affect its finances, scare off investment, and cause undue concern among the citizenry. Their main goal is to destabilize the country, says President Correa.

Credit: TeleSur TV,