Ecuadorian flag
The Ecuadorian flag has a complex history behind it. Starting off as a white flag with a blue star, the Argentinian inspired design has altered to many forms throughout the years. At one point, the flag had white, blue, white vertical stripes with three stars, (eventually turning into seven). This design was inspired by Columbia’s flag and eventually the coat of arms was added to distinguish Ecuador from Colombia. The coat of arms includes an oval shield, snow capped mountains, a river, steamship, sun, wreath, draped flags, and fasces. The current flag of Ecuador includes three stripes of yellow, blue, and red. These three colors represent the three main colors of the banner of Gran Colombia. Yellow represents sunshine, grain, and mineral wealth. Blue represents sky, and sea. Red represents “the blood of the patriots spilled in the struggle for freedom and justice”. The center of the flag continues to be the coat of arms.
Economy
Ecuador is an upper middle income country with a mixed public and private economy. Ecuador is greatly dependent on petroleum exports and moves in pattern with the world’s oil price. The main exports in this country include bananas, cocoa, coffee, cut flowers, and shrimp. Ecuador’s main imports are chemical, food, and vehicle products. Transportation, utilities, communications, and financial services hold the largest sector in the country and contribute over nearly half of the total Gross Domestic Product. As the tourism industry has immensely increased in recent years, it is now 35% of the GDP. The GDP per capita of Ecuador was $14,500 in 2023. Ecuador’s neighboring countries; Peru and Colombia, had a $15,300 and $18,700 GDP per capita in 2023. Less than half of Ecuador's population is part of the labor force and the unemployment rate was 3.37% as of 2023. People in Ecuador suffering high poverty and income inequality are mostly indigenous, mixed race, and rural populations. After an unpredicted economic crisis in the year 2000, Ecuador adopted the US dollar as its national currency in hope for the country to gain more economic stability. Ecuador is a member of the Andean Community which is a community made to foster regional integration. The Andean community includes the countries Colombia, Bolivia, Peru, Ecuador. As a member of Andean Community, Ecuador has made a free trade agreement MERCOSUR. The trade agreement is with the countries and regions, Chile, Mexico, Panama, European Union, India, China, Russia. Ecuador has a varied economy and has many exports that assist in balancing the economic stability.