Ecuador

The Republic of Ecuador is stated as South America’s representative as a democratic republic. It is bordered by Columbia, Peru and the Pacific Ocean. The nation is said to have rich agricultural and petroleum resources. Although their primary exports would include shrimp, flowers, bananas and oil; fluctuation of prices on the world market triggered a minimal domestic impact on Ecuador’s economy. This is because their industry is widely oriented on their domestic market’s servicing sector; and the export relations they have with the Andean market.

A deterioration in their economic performance 10-11 years ago brough about a major financial and economic crisis eversince 1999. The problem got bigger with the influx of external negative factors. These factors would include the major El Nino phenomenon, the instability in the international market and the  large drop of prices for global oil. These factors, along with their huge fiscal deficits and expansion-based money policy, has led to the unsustatinable economic setback their government continues to face.

Government Reforms 

As a result, intentions of adopting the US dollar was made by the then President Jamil Mahuad on the beginning of 2000; to somehow relieve Ecuador of their continues economic crisis. On the 3rd quarter of the same year, they formally adopted the US dollar as their currency. Thus, with the onslaught of protests regarding their financial and economic crisis, Mahuad was later on removed  and succeeded by the Vice President then, Gustavo Noboa. It is Noboa who comfirmed the dollarization commitment as a means for economic recovery. Efforts were also made to reduce their government’s ongoing fiscal deficits; and to implement actual structural reforms as a means to regain their access to all private capital markets and strengthen Ecuador’s banking system.

It was also the same year when Ecuador’s economy had a modest recovery, due to high oil prices. Still One of Ecuador’s major setback was the increasing rate of poverty. As for their infrastructures and roads, Ecuador has numerous highways that are continuously maintained. The quality of these roads, even the ones used by trucks, are considered variable. One of their major highways would be the Pan-American Highway, which connects Ecuador not just to its northern and southern areas but to Columbia and Peru as well.

Thus, when Ecuador won a referendum regarding constitutional reform early last year, their current President Correa decreed that Ecuador will no longer transact for repayments with the IMF or World Bank. If you have plans of buying a property in Ecuador, you need to make the necessary research about the current regulations that they have. As mentioned earlier, they made some reforms not only with their currency but with other areas as well.

Research and thoroughly verify the information you will get. Finding relevant data is not that hard anymore. You can also ask around, it is even better if you talk to someone residing in Ecuador. This is especially advisable iof you are planning to stay in Ecuador with your family for good. 

French Guiana

The french Guiana is stated as one of France’ 26 regions and its actual overseas department. It is situated on South America’s northern coast. It is also one of the territories of the European Union. The currency there is, of course, the euro. As a department of France, the French Guiana is still very dependent on France for their goods and subsidies. Their main industries would be timber, gold mining and fishing. Manufacturing is minimal, but agriculture is not possible yet because this sector is still undeveloped. Unemployment is considered one of their major problems, running at about 20% up to 30%.

As for their tourism industry, it is considered an emerging sector of the French Guiana. This is especially with their eco-tourism. Their stand as one of France’ department is actually one of the reasons they tend to emerge as a tourist destination nowadays. Their major airport is the Cayenne-Rochambeau Airport, which is situated in the Cayenne’s southern suburb or the so-called “Commune of Matoury”. They have one daily flight to and from the Orly Airport in Paris. It takes about 8hrs and 25mins to get to Paris from Cayenne; and 9hrs and 10mins to get to Cayenne from Paris. Other fligh destinations would be to Pointe-a-Pitre, Fort-de-France, Port-au-Prince, Macapa, Miami, Fortaleza and Belem.

Another way to reach the French Guiana would be thru their seaports. Their major seaport would be Degrad des Cannes port, which is located on Cayenne’s south-eastern suburb-the Mahury River estuary or the so-called “Commune of Remire-Montjoly”. This is where a majority of the French Guiana’s exports and imports passes through. It is actually built as a replacement of Cayenne’s old harbour that was always heavily congested. 

Tourism and Infrastructures 

For their infrastructures and roads, a majority of roads in the French Guiana is still under construction, renovation or awaiting completion. In fact, a new road was opened last 2004. It goes from Regina, Cayenne up to a town along the Brazilian border named, Saint-Georges de l’Oyapock. Aside from this, completion of a paved road that is from Saint-Laurent-du-Maroni in the Surinamese border, is now passable. It will also cater to those bound for Saint-Georges de l’Oyapock.  This paved the way for France and Brazil to sign an actual international treaty for the building of a new bridge along their Oyapock River. It is due for completion by the last quarter of 2008. It is stated that this bridge will be the first ever land crossing between Brazil and France, with the French Guiana. Thus, this will cater to better relations between these two neighboring nations. The bridge is from Cayenne going to Macapa or Amapa, which is the capital state of Brazil.

The French Guiana, though a department of France, is still a different state of France. If you plan to buy a property there either for investment or for residence, you need to ask a good Realtor about the policies there. Even if euro is their currency, you need to know if they have the same regulations with France, when it comes to this market. It seems that, like France, it is a good environment to experience. Make sure, like France, it has the same return of investment. Once you see a prospective property there, it is even better if you visit the area and see what it is like in that department of France. 

Guyana

Guyana is also officially named as the Co-operative Republic of Guyana. It is, in fact, mainland South America’s only nation state amongst the Commonwealth of Nations. It is situated just on the equator’s northern part and by the Atlantic Ocean. It is bordered by Suriname, Brazil and Venezuela. Thus, it is considered as mainlan South America’s 3rd smallest country. Guyana is said to be the only South American country that speaks English. Its cultural association is moreinclined to the Caribbean rather than with Latin America. The major setbacks Guyana faces would be the shortages on their skilled laborers and deficiencies in their infrastructure. This made their government juggle a large amount of external debt, just to compensate for the immediate need of expansion for their public investments.

Other setbacks would be the low prices of their agricultural commodities and mining resources. This goeas along with the problems they have with the sugar and bauxite industries. It was only recently that Guyana’s economy experienced a slight rebound and began exhinbiting moderate growth in their economy. This is due to the expansion made on their mining and agricultural sectors. Guyana is thankful for the international aid and assistance they continue to receive.

Their Government's Actions 

Early 2007, their government decreed an overhaul on their tax code.  VAT or Value Added Tax was implemented as a replacement for 6 different taxes. Although many businesses opposed to the implementatio of the VAT, because of the loads of paper work necessary, the VAT is still their governments only alternative to spot embezzlement issues in their higher offices. As several taxes got replaced by only a single flat tax price, their government’s auditors will find it very easy to trace issues of corruption. Hence, though many are contradicting the VAT, their government believes that it may improve the everyday life of their nation. This would be due to the additional funds their government can allo for actual public spending.

Thus, another copncern, which their current President Bharrat Jagdeo decreed, was to make debt relief as his  administration’s utmost priority. In fact, he was very successful  with this agenda. His administration was able to get about US$800 million worth of debt from the Inter-American Development Bank, the World Bank,  and the IMF written off. It was later on succeeded by millions of dollars more from debts with other nations. This made the IDB President Moreno praise President Jagdeo for his extraordinary leadership and strong negotiating skills. Aside from this, for continuously pursuing his debt relief campaign for Guyana, as well as for other regional nations.  With the ongoing debt relief campaign, this will pave a way to heal the economic problems Guyana currently faces.