Conservative former banker Guillermo Lasso declared himself Ecuador's president-elect as socialist opponent Andres Arauz conceded defeat in Sunday's election with 98 percent of the votes counted.
Whoever wins will take over from President Lenin Moreno on May 24 and will immediately face an economic crisis exacerbated by a 7.8 percent contraction in GDP in 2020.
Many Ecuadoreans are weary of painful economic austerity measures and eager for a return to socialism, encouraging left-wing candidate Andres Arauz who hopes to win without needing a runoff vote.
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