With an overall score of 6.16/12, Ecuador is progressing toward standard on the economic, legal, and political indicators that make up our Business Index. Ecuador is a market-based economy. However, production in the state-run oil sector is falling due to corruption and poor management. While Ecuador is formally open to foreign investment as the law accords foreign and domestic firms equal treatment, lax contract enforcement, bribery, and onerous labor laws present obstacles to foreign and domestic investors alike. In addition, courts often neglect to uphold property rights, and the government fails to enforce intellectual property rights. Political instability, a serious impediment to business in Ecuador, is apparent in the fact that Ecuador has had seven presidents since 1996, more if presidents serving less than a day are included. Since independence, Ecuador has had 19 constitutions, and its current National Constitutional Assembly, which convened on November 29, 2007, is working on a draft of the 20th Constitution at the behest of Ecuadorian President Correa. Corruption is very extensive, reflected in Ecuador's ranking of 150th out of 180 countries in Transparency International's 2007 Corruption Perceptions Index.