Economic recovery in Cuenca after Covid 19

Cuenca, lunes 26 octubre 2020
Economic recovery in Cuenca after Covid 19
Economic recovery in Cuenca after Covid 19

 

Luis Tobar, director of the economics undergraduate program in our branch campus in Cuenca, took part in the webinar titled "Economic recovery in Cuenca after Covid 19", which was organized by the company Fiducia and supported by the Chamber of Industries, Production and Employment (CIPEM for its acronym in Spanish), la Bolsa de Valores de Quito and Universidad del Azuay. 

During his presentation, he explained the country's current economic situation and presented some alternatives to overcome the current crisis. He stated that in the years 2018 and 2019, Ecuador lost between 155.000 and 160.000 jobs respectively, while between January and June 2020, according to figures from INEC, 1,873,000 jobs were lost, a figure that by mid-October became (according to INEC) 620,000 unemployed people.

He also said that seven out of every ten dollars invested in Ecuador come from the private sector, and that the largest companies are the ones that generate the greatest amount of employment.

Regarding poverty levels, people in the rural sector are the most affected, since they survive on $ 2.8 a day. It can be said that each Ecuadorian is born with a debt of around $ 3,300, an amount that will surely increase due to factors such as lower income from the sale of oil and low tax collection.

Some of the proposals were to support small and medium industries, as well as to invest in technology, since 70% of consumers are currently digital, and to make alliances that strengthen production processes.