According the Economic Commission for Latin America and the Caribbean (ECLAC), the economic condition of Ecuadorians has improved for the fifth consecutive year. The year-end improvement, per capita, is estimated at 2.1%.
Victor Hugo Alban, President of the College of Economists of Pichincha, says this is good news not just for individuals for the national economcy as well.
“This means people will invest in a better way to live, spending more on education, housing as well as on clothing, electronics and other manufactured items. Greater access to good medical care is another benefit we are seeing due to the improvement and well as to expasion of national health services,” Alban said.
The improving numbers are also the primary reason that the nation’s poverty rate is falling. Since 2007, the number of families living below the national poverty level has fallen from 37% to 23.6%. National Secretary for Planning and Development Pabel Muñoz says he expects the number to continue to drop.
Quito economist Fabricio Reyes said it is “undisputed” that the quality of life has slowly improved for the poor population. “This is due primarily to public spending in a variety of social programs, particularly in the areas of public health and education,” he said.