Effects on the Ecuadorian Economy during COVID-19 Efectos en la Economía Ecuatoriana durante el Covid-19

Abstract

The objective of this study was to analyze the effects of the COVID-19 pandemic on the Ecuadorian economy, focusing on the main macroeconomic variables. Through a bibliographic review, the impact of the virus on key indicators such as the Gross Domestic Product (GDP), unemployment rates, inflation and the trade balance were described. The results indicated that, among the main impacts, a significant contraction of GDP stands out, which reached a reduction of 7.8% in constant terms during 2020. This decrease was a consequence of a decrease in investment, consumption and exports, as well as a drop in oil production and economic activity in general. It is concluded that the experience acquired in this crisis can serve as a basis for the formulation of strategies that strengthen the economic and labor resilience of the country in the face of future contingencies.