A deal with sovereign bondholders and a $6.5bn funding package from the International Monetary Fund led ratings agency Fitch to upgrade its rating for Ecuador in September 2020, despite the difficult global climate. Fitch forecasts a “stable” outlook for the Latin American country, with growth expected to near 5% this year.
The economic recovery will be supported by Ecuador’s export-oriented sectors, including the large banana-growing industry. Ecuador is the world’s largest exporter of bananas, accounting for a third of global shipments, according to the UN’s Food and Agriculture Organisation. Bananas contribute 10% of the country’s overall export earnings.