Literature & Language Essay: How does the pandemic affect Columbia economy

How does the pandemic affect Columbia Economy?
Name Course Instructor Date
Pandemic and Columbian Economy
Policies requiring minimal physical social contact and distancing changes have meant fewer people use transportation services and shop where there are fewer customers and lower sales. Consumer expenditure is one of the GDP components, and a decline in consumer expenditure results in growth slowing down. The transport system, including air transport, freight transport, and urban transport, is one of the most affected as there has been a slowdown in demand for transport service. With little or no government assistance for the recovery, sectors such as transportation, restaurants, and tourism industries will take time to return to profitability.[Julian Arellana, Luis Márquez, and Victor Cantillo. "COVID-19 Outbreak in Colombia: An Analysis of Its Impacts on Transport Systems." Journal of Advanced Transportation 2020 (2020). Web 28. Oct.2020 /journals/jat/2020/8867316/]
The lockdown measures and decreased the demand for goods and services has resulted in companies reducing the number of workers. This further complicated by the disruption in the country’s supply chain, rising unemployment, and a drastic fall in the country’s economy that is now at risk of recession. There is low productivity for the surviving businesses, and the IMF projects that in 2020 there will be a 9.4 % economic decline in Latin American and the Caribbean. The economy was already down 7.4% compared to the previous year, with unemployment as high as 20% and the highest ever recorded. Without easing restrictions, sections of the economy have lost business, while the healthcare toll will increase costs for those affected.[Mauricio Cárdenas and Humberto Martínez Beltrán, "COVID-19 In Colombia: Impact And Policy Responses", Center For Global Development, 24 July 2020, ht...