coronavirus

The appearance of the coronavirus has not only caused an impact on the Colombian economy but on the world economy, the virus has caused a collapse of the currencies of the region with respect to the US currency.
One of the most affected products in the country has been oil, since China at the beginning of February paralyzed oil purchases from Colombia , the country’s main export product and the one that contributes the most to the national treasury, this due to the fact that the country Asia has decreased its activity in oil refineries.
Exports from Colombia to China in 2018 represented 9.7% of foreign sales, generating a total of 4,056 million dollars , a83.4 percent more than in 2017. And the main product was oil, with a total value of 3,406 million dollars, which was 85% of the total invoiced.
Now with the new outbreak in Colombia, the closure of a good part of the shops is expected, causing the demand for products and services to fall, since many consumers continue to prefer to stay at home and have their expenses controlled. Although the effects of the coronavirus have begun to be felt little by little in the Colombian economy, the truth is that, as many analysts agree, everything will depend on the ability of governments to control its spread.
One of the sectors most affected due to the spread would be tourism, which includes airlines, hotels and transport in general, due to people trying to avoid traveling .
Other businesses that will also have some complications will be those that import from China because many factories in China are in low production due to contagion, in addition the places where concentration of people occurs will have important repercussions such as banks and shopping centers.
However, not everything is gray, there are sectors that have benefited such as the manufacturers of masks, antibacterial gel,the sales of some drugs that seem to control the symptoms of the virus and also the sectors related to the development of vaccines.
The situation generated by COVID-19 will also be especially beneficial for the online market, taking into account that people will buy more in this way to avoid human contact, online stores have had an increase of up to 500% in their sales, mainly online pharmacies and drugstores .

The Telecommunications is another sector that will receive a positive effect, people tend to increase their consumption expenditures communication, to learn about the latest news around the situation and also learn how are the friends and family without being exposed.
The negative economic effect of the arrival of the coronavirus in Colombia will only be felt more strongly in case it is necessary to make decisions such as suspending productive activities , border closures, educational, meetings, trips, flights and even sporting, artistic and cultural events.

If you have any important information or opinion, share it in the comments .

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