Ecuador is an extremely poor country. Thirty-five percent of its population lived in poverty in 1994 and an additional seventeen percent were highly vulnerable to poverty. In addition, rural poverty is undoubtedly more severe than urban poverty.

Why is Ecuador such a poor country?

Ecuadors economic model being based on public expenditure could contribute to a weakened economy, as well. Natural disasters also contribute to Ecuadors poverty. In April 2016, the country had an earthquake that killed more than 670 residents, injured 5,000 and left 80,000 homeless.

Are people in Ecuador rich?

Ecuadors population was burdened by an unequal distribution of wealth in the 1990s. In 1996 the wealthiest 20 percent of Ecuadorians earned half of the nations total income, while the poorest 20 percent collected only 5 percent. Human Development Report 2000; Trends in human development and per capita income.

Is Ecuador considered poor?

Ecuador is considered to be an upper-middle-income country, based on gross national income per capita. However, like in many countries, there are two very different realities for Ecuadors citizens. The lowest fifth of the population, based on income, is very poor, and is comprised mostly of indigenous people.

What is Ecuador main source of income?

Ecuadors economy is based on the export of oil, bananas, shrimp, gold, other primary agricultural products and money transfers from Ecuadorian emigrants employed abroad. In 2017, remittances constituted 2.7% of countrys GDP. The total trade amounted to 98% of the Ecuadors GDP in 2017.

Is Ecuador safe to travel to?

Is Ecuador safe? Ecuador is a relatively safe country, and I felt very comfortable traveling as a solo woman. Like many countries, pickpocketing and other petty crime can be a problem, particularly in large cities such as Quito and Guayaquil.

What is the most popular job in Ecuador?

What is the most popular job in Ecuador? Ecuador: Oil and Agriculture The oil sector is still the most dominant by far. Ecuadors oil producing sector has not only given many Ecuadorians a secure job, but is also a large factor in drawing expats to the country.

How much does it cost to live comfortably in Ecuador?

“How much does it cost to live in Ecuador?” Thats a question I hear a lot from readers. From masses of anecdotal evidence and my own experience of living here, I can safely say that a typical couple will most likely spend somewhere between $1,600 and $2,400 a month to live in Ecuador.

Are things expensive in Ecuador?

Ecuador is not an expensive country, and eating there doesnt cost a fortune. Most restaurants offer lunch deals between $1 and $3. To find them, just look for the signs indicating the word “Almuerzo”, it means a lunch menu. The menu generally includes soup, a main course of rice and chicken and fruit juice.