Spain – Ecuador
Ecuadorians will go to the polls on February 19 to elect a new President and a National Assembly that could change the course of politics.
The current president, Rafael Correa, who has held the office for the past decade, is ineligible for reelection. Polls suggest that former leftist vice president Lenín Moreno could face center-right candidate Guillermo Lasso in a runoff election on April 2. The new government will take the reins of an economy that has been in recession for nearly two years, and the situation is projected to continue for at least another year. Despite cuts in public spending and tax increases, Ecuador has run substantial budget deficits since the drop in global oil prices reduced tax revenues. Furthermore, the appreciation of the US dollar has reduced the competitiveness of exports, as the country is fully dollarized. Authorities have implemented measures such as import restrictions and capital controls to contain the current account deficit.
Source: Solunion
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