The World Bank has published new economic perspectives on Ecuador, saying that its 2.2% growth is not enough for the country to fully overcome its lack of available work.
“The Ecuadorian economy must at least grow by 4% to ensure the creation of employment sources, increase the levels of wealth per capita, and improve the living conditions of the population,” Profitas economist Felipe Hurtado told local daily Diario Expreso.
As of March of this year, 362,051 people are unemployed, and 1.5 million are underemployed. Despite the government’s efforts, it is still difficult for young people to find a job.
As a result, the World Bank predicts that the Ecuadorian economy to slow down in the medium term, from 1.5% in 2019 to 0.9% in 2020.