LatinNews Daily - 31 May 2024

*The World Bank (WB) has presented a report identifying mining, agriculture, and tourism as Ecuador’s three sectors with the greatest potential for growth. The WB noted that Ecuador’s mining exports increased more than sevenfold between 2018 and 2022, rising from US$282m to US$2.2bn. To further increase mining revenue, the WB advised Ecuador to focus on expanding the formal mining sector to reduce the involvement of criminal groups in illegal mining projects. The WB said that the agricultural sector, which accounts for 42% of Ecuador’s exports and made up 10% of GDP in 2022, could be boosted by increasing the production of high added-value goods such as tropical fruits, noting that currently 70% of agricultural land is used for the cultivation of low added-value products. Regarding the tourism sector, the WB advised Ecuador to expand tourist infrastructure in areas with high growth potential such as the country’s Amazon region, and to expand the financial services available to small- and medium-sized tourist businesses, among other measures.