Ecuador’s major partners: U.S., Peru, Italy, Colombia, Brazil, Chile, Panama (2006). After a brief period of economic prosperity brought on by its new oil wealth, Ecuador experienced its first post "oil boom" economic slowdown. The beginning as a slowdown ended in a near economic collapse with the decline in world oil prices in 1986, followed by the destruction of a large stretch of Ecuador's sole oil pipeline by an earthquake in 1987. The depression of the late 80's emphasized the country's over-dependence on oil and, likewise, pushed the government in the direction of liberalization and diversification. An increase in oil export prices in the late 80's allowed Ecuador to recover, and from 1988 to 1992, the Ecuadorian Government began taking measures to stabilize the economy. In 1992, shortly after assuming the presidency, President Sixto Durán Ballén implemented a Macroeconomic Stabilization Plan to fulfill his campaign promise to expand modernization and stabilization
Ecuador’s major partners: U.S., Peru, Italy, Colombia, Brazil, Chile, Panama (2006). After a brief period of economic prosperity brought on by its new oil wealth, Ecuador experienced its first post "oil boom" economic slowdown. The beginning as a slowdown ended in a near economic collapse with the decline in world oil prices in 1986, followed by the destruction of a large stretch of Ecuador's sole oil pipeline by an earthquake in 1987. The depression of the late 80's emphasized the country's over-dependence on oil and, likewise, pushed the government in the direction of liberalization and diversification. An increase in oil export prices in the late 80's allowed Ecuador to recover, and from 1988 to 1992, the Ecuadorian Government began taking measures to stabilize the economy. In 1992, shortly after assuming the presidency, President Sixto Durán Ballén implemented a Macroeconomic Stabilization Plan to fulfill his campaign promise to expand modernization and stabilization