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Regional economic impact of COVID‐19 in Colombia: An input–output approach
Author(s) -
BonetMorón Jaime,
RicciulliMarín Diana,
PérezValbuena Gerson Javier,
GalvisAponte Luis Armando,
Haddad Eduardo A.,
Araújo Inácio F.,
Perobelli Fernando S.
Publication year - 2020
Publication title -
regional science policy and practice
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.342
H-Index - 8
ISSN - 1757-7802
DOI - 10.1111/rsp3.12320
Subject(s) - accommodation , covid-19 , estate , real estate , economic impact analysis , government (linguistics) , business , economic sector , economics , agricultural economics , geography , natural resource economics , economic growth , finance , economy , medicine , linguistics , philosophy , disease , pathology , neuroscience , infectious disease (medical specialty) , biology , microeconomics
The aim of this paper is to assess the regional economic impact of the lockdown measures ordered by the national government to prevent the spread of COVID‐19. Using an input–output model, we estimate the economic loss of extracting groups of formal and informal workers from different economic sectors. Results show monthly economic losses that represent between 0.5% and 6.1% of national GDP, depending on the scenario considered. Accommodation and food services, real estate, administrative services, construction and trade are the most affected sectors. Regionally, Antioquia, Boyacá, San Andrés, Santander and Valle del Cauca appear as highly vulnerable to these restrictions.