Socioeconomic reality of Ecuador in times of pandemic
The COVID-19 pandemic has wreaked havoc on economic growth in Ecuador. The physical distancing measures imposed by the Government have caused various economic sectors of the country to stop both commercial and productive operations. The result has been an alarming increase in unemployment and poverty statistics.
Ecuador is characterized by precarious labor markets because it presents a gigantic number of informal jobs. In addition, between March and June 2020, approximately 200 thousand jobs have been lost, in the words of the President of the Republic, Lenín Moreno. In sum, ECLAC (Economic Commission for Latin America and the Caribbean) has made little hopeful predictions about the level of poverty for Ecuador.
As can be seen in the graph, poverty predictions for the end of 2020 place Ecuador as the fourth poorest country in relation to its Latin American peers. Thus, factors of inequality, economic vulnerability and increasing poverty trends guarantee a worrying reality for Ecuador in economic terms.