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Impact of covid-19 in the Ecuadorian economy

Abstract:

COVID-19 is the most recently discovered infectious disease caused by the coronavirus, defined as a pandemic and negatively impacting the world economy. The objective of this study was to describe the impact of the COVID-19 pandemic on the Ecuadorian economy. The study is based on the reviewed literature, issued mainly by the Economic Commission for Latin America and the Caribbean (ECLAC) and the Central Bank of Ecuador (BCE). A descriptive type of research was developed, framed at the perceptual level. The impact of COVID-19 on the Ecuadorian economy was described, showing, among other aspects, a decrease in its Gross Domestic Product (GDP) and an increase in its Country Risk. The authors prepared a SWOT matrix to guide the actions to be taken, in the business and governmental context, to face the Ecuadorian economic situation in the short and medium term, with a view to developing a strategy aimed at mitigating the repercussions of COVID-19.