Produbanco

Ecuador’s GDP growth is forecast to rise around 11 percentage points y-o-y in 2021 after a sharp contraction last year, supported by steady credit growth to the private sector. The country’s banking sector had already clocked a strong performance over the previoustwo decades, with non-performing loans plunging from 8.4% of total gross loans in 2002, to just 2.7% in 2019, and decrease modestly in 2020 to 2.6% despite facing severe economic