Last year inflation rose above 60 percent, and this year it is expected to reach 90 percent. Steve Giacomi, an Economics major at the University of Connecticut, said that Ecuador needs to continue to make efforts towards improving its economy. According to Giacomi, this tactic of changing Ecuador's currency might cause more harm than good. However, their country's change to American money might cause things to get worse. The public reaction over there has been overwhelmingly negative.
Poverty is also a major problem in Ecuador.
There are an estimated 12 million citizens in poor economic conditions. A 7.5 percent drop in the economy in the last year is expected to contribute to those numbers. Many of the less fortunate feel the bill will continue to damage their financial and social standing. Damien Palmee, Sociology major at Gettysburg College, said that Noboa's failure to recognize the importance of helping the poor will hurt Ecuador in the future. Palmee also said that all governments and societies must address these citizens, or things will never improve.