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COVID-19 and external shock: economic impacts and policy options

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Abstract

Latin America is currently suffering from two independent but related shocks: the impact of COVID-19 and the shock of commodity prices. Peru, we argue, is a case in which the strongest impact comes from the pandemic. Peru was the first country in Latin America to react and implement sanitary and economic measures against the coronavirus. The country has been in mandatory quarantine since Monday, March 16. This carries very important challenges for all economic actors. Global and national activity has suffered a sudden stop with direct implications for: (i) the income generating capacity of independent workers, (ii) the jobs of formal and informal and informal workers, and (iii) the survival of small, medium and large companies. In this note we consider the situation of Peruvian households in the face of the pandemic, exploring their vulnerabilities through an analysis of their main source of income generation: work. We also consider the situation of the companies that employ the workers under analysis. We present an overview of what the government’s main action have been so far and offer some recommendations.

Suggested Citation

  • Jaramillo, Miguel & Ñopo, Hugo, 2020. "COVID-19 and external shock: economic impacts and policy options," Documentos de Investigación dt108, Grupo de Análisis para el Desarrollo (GRADE).
  • Handle: RePEc:gad:doctra:dt108
    Note: Documentos de Investigación, 108
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    File URL: https://repositorio.grade.org.pe/bitstream/handle/20.500.12820/580/GRADdi108.pdf
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    Cited by:

    1. Emilio Espino & Julian Kozlowski & Fernando M. Martin & Juan M. Sanchez, 2022. "Policy Rules and Large Crises in Emerging Markets," Working Papers 2022-018, Federal Reserve Bank of St. Louis, revised 27 Jun 2024.

    More about this item

    Keywords

    COVID 19; Impactos económicos; Políticas públicas; Economic impacts; Public policies; Perú; Peru;
    All these keywords.

    JEL classification:

    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health
    • F6 - International Economics - - Economic Impacts of Globalization

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