In 2021, Ecuador experienced a stronger-than-expected pandemic recovery, with 4.2% growth. This was due in part to the successful implementation of a COVID-19 vaccination campaign, which allowed for a steady reopening of the economy. The country experienced another financial win as President Guillermo Lasso refinanced debt with China with more than $1.4 billion in debt service relief (Government of Ecuador). However, despite gains at the macroeconomic level, Lasso’s government has recently faced significant domestic social challenges. Starting in June 2022, there have been mass protests against increasing food and fuel prices, and the administration’s economic policy.
Facing external shocks, such as deteriorating global financial conditions, a rise in international interest rates, and increasing food prices, what challenges and opportunities lay ahead for Ecuador? The Georgetown Americas Institute (GAI) was pleased to welcome Pablo Arosemena Marriott, minister of economy and finance of Ecuador, for a discussion on recent economic developments in the country and his perspective on the economic outlook of Ecuador. The event will be moderated by Alejandro Werner, GAI founding director.
Pablo Arosemena currently serves as the economy and finance minister of Ecuador. He has served as governor of the province of Guayas and president of the Guayaquil Chamber of Commerce and the Federation of Chambers of Commerce of Ecuador. Arosemena has been an entrepreneur in solar energy, real estate, franchises, and consulting. He participated in the Global Leadership and Public Policy program at Harvard Kennedy School and the Leadership and Competitiveness program at Georgetown University. In 2016, he was designated as one of the 150 most influential people in Latin America, by América Economía Magazine. In 2017, he was named a Young Global Leader by the World Economic Forum. In 2020, he was recognized in the top 100 business leaders with the best reputation by MERCO. He is an economist specializing in business management from Universidad de Especialidades Espíritu Santo. He also holds a Master's degree in Political Action from Francisco de Vitoria University and Rey Juan Carlos University in Spain and a Master's Degree in Finance from Universidad Adolfo Ibáñez in Chile and ESADE Business School in Spain. He holds a Ph.D. in Economics from ESEADE in Argentina.
Alejandro Werner (moderator) is the founding director of the Georgetown Americas Institute and a non-resident senior fellow at the Peterson Institute. He recently completed almost nine years as director of the Western Hemisphere Department at the International Monetary Fund. Prior to that appointment, he was undersecretary of finance and public credit in Mexico’s Finance Ministry and held several positions in that ministry and the Central Bank. He also taught at leading universities in Mexico, Spain, and the United States. He holds a Ph.D. in economics from the Massachusetts Institute of Technology and a B.A. in economics from ITAM.