Determinants of economic growth in Ecuador

Abstract

One of the most interesting and relevant factors in terms of macroeconomic results is related to economic growth. This represents the increase or improvement of goods and services of a state and is defined as the purely transformation process in which a country increases its wealth over time; that not only involves the increase of money, but also the generation of value or wealth of a country and for current economists, all the theories, models and bases of classic and modern economic growth have allowed to converge in that the causes of it are diverse but can be grouped into 3 particularities. The first is that investment is essential for growth to exist, the second is that the education of the population is a determining factor in increasing production, and the third agrees that the technological process is decisive in obtaining greater productivity. Thus, economic growth can be broken down into two factors: the accumulation of productive factors and technological progress, and it is for this reason that this article aims to identify the determining factors of economic growth in Ecuador. This research presents a descriptive methodology and used official statistical information from entities such as the BCE and INEC to verify that the policies adopted have focused on the increase of cumulative factors oriented towards taking advantage of the opportunities of green growth, which has allowed the reactivation economy and stable growth of the country.