Ecuador Reduces Poverty, Diversifies Economy

In President Rafael Correa’s annual State of the Union address on Sunday, he announced positive strides in priority areas. Those include a 12.5% poverty reduction since 2007. One of his administration’s priorities has been to reduce dependence on oil and instead, to diversify the economy. Major support for education includes a billion dollar investment in the creation of five top-tier universities with distinct focuses, moving towards an economy based on knowledge and human talent. President Correa said that plunging oil prices have not affected the country’s spending on health and education. He said that in all sectors, the country has exceeded expectations and predicted that Ecuador will end the year on strong economic footing. Liz Scherffius reports from Quito for teleSUR.