By MERCEDES ALVARO
QUITO, Ecuador—President Rafael Correa said Ecuador will implement measures to curb the economic impact of the drop in oil prices and the stronger U.S. dollar, two events that private-sector economists say will hurt growth this year.
“We are taking all measures needed to be prepared. A good economic policy is to make the country less vulnerable to these external factors,” Mr. Correa said during his weekly address broadcast on Saturday.
The price of Ecuadorean crude oil has fallen almost 56%, from $91 in January 2014 to about $40 a year later.
Lower oil prices are expected to drag down economic growth, analysts say, or a country whose oil sector generates about one-quarter of total government revenue and about a half of the country’s exports.