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Regional economic impact of COVID-19 in Colombia: An input–output approach

Eduardo A. Haddad , Jaime Bonet-Morón , Diana Ricciulli-Marín , Gerson Javier Pérez-Valbuena , Luis Armando Galvis-Aponte , Inácio F. Araújo , Fernando S. Perobelli | July 29, 2020

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.