April 07, 20 - 3:28 pm - LABS

Colombia expands isolation until April 26th, which may cost 10% of the country’s monthly GDP

With the aim of controlling the spread of the new coronavirus, Colombia’s Presidente Iván Duque announced that the social isolation measures that will extended till the next April 26th. Although necessary, the measure will impact sectors responsible for no less than 70% of the country’s GDP, according to the Hernán Echavarría Olózaga Institute of Political Sciences.

According to the Institute, the stoppage of these sectors will result in a monthly drop of 10% in the country’s GDP and will aggravate the expected economic crisis due to the pandemic, also influenced by the drop in oil prices and the rise in the dollar.

As a way of mitigating the impacts, President Iván Duque announced the start of emergency aid payments to the poorest, and new lines of credit for companies.

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