Journal of Business and entrepreneurial

January - March Vol. 6 - 2 -202

http://journalbusinesses.com/index.php/revista

e-ISSN: 2576-0971

journalbusinessentrepreneurial@gmail.com

Receipt: 02 September 2021

Approval: 19 Febrary 2022

Page 45-56

Impact of Covid-19 on sales revenues of private

companies in Ecuador

Impacto del Covid-19 en los ingresos por ventas en las

empresas privadas del Ecuador

Hugo Renan Ruiz Lopez

Sara Rocío Correa Soto*

Perla León López*

ABSTRACT

The economic impact of the Covid-19 pandemic on the

economy of Ecuador generated a 6% drop in GDP between

March and December 2020 according to the Central Bank of

Ecuador (BCE, 2020), most companies have been affected by the

decrease in supply and demand caused by the closures of the

economy to try to stop the advance of Covid-19. In the present

work it has been aimed to describe the variation of sales revenue

in 2020, the year of the beginning of the pandemic in relation to

2019. The analysis was performed through a quantitative

approach, applying the descriptive method with contrast of

means based on the data collection of the Superintendence of

Companies, where 35,906 companies were analyzed. The results

determined a decrease of 11% in sales revenues compared to

2019, with the most affected sectors being tourism,

construction and garment manufacturing.

Keywords: COVID-19, Economy of Ecuador, Sales

revenue Ecuador 2020.

Magister, Universidad Internacional del Ecuador, Guayaquil, Ecuador,

huruizlo@uide.edu.ec, https://orcid.org/0000-0003-3466-7746

Magister, Universidad Internacional del Ecuador, Guayaquil, Ecuador,

sacorreaso@uide.edu.ec, https://orcid.org/0000-0002-6698-2890

D., Universidad Internacional del Ecuador, Guayaquil, Ecuador,

peleonlo@uide.edu.ec, https://orcid.org/0000-0003-0537-5525

e-ISSN: 2576-0971. April - June Vol. 6 - 2 -2022 . http://journalbusinesses.com/index.php/revista

RESUMEN

El impacto económico producto de la pandemia Covid-19 en la economía del Ecuador generó

una caída del 6% del PIB entre marzo y diciembre 2020 de acuerdo el Banco Central del Ecuador

(BCE, 2020), la mayoría de empresas se han visto afectadas por la disminución de la oferta y

demanda provocadas por los cierres de la economía para tratar de detener el avance del Covid-

19. En el presente trabajo ha tenido como objetivo describir la variación de los ingresos por

ventas en el 2020, año de inicio de la pandemia con relación al 2019. El análisis se realizó

mediante en enfoque cuantitativo, se aplicó el método descriptivo con contraste de medias

basado en la recolección de datos de la Superintendencia de Compañías, donde se analizaron

35.906 empresas. Los resultados determinaron una disminución del 11% en los ingresos por

ventas comparado con el 2019, siendo los sectores más afectados el turismo, la construcción y

la fabricación de prendas de vestir.

Palabras clave: COVID-19, Economía del Ecuador, Ingresos por ventas Ecuador 2020.

INTRODUCTION

The economic crisis stimulated by the Covid-19 pandemic has caused, according to the

Central Bank of Ecuador, a 6% drop in GDP between March and December 2020,

according to the same entity, losses totaled USD 16,381.7 million during the same

period, 78.11% corresponds to the private sector and 21.9% to the public sector, while

the International Monetary Fund (IMF) forecasts that Latin America will recover its pre-

pandemic GDP levels in 2023.

Most companies have been affected by the decrease in supply and demand caused by the

closures of the economy to try to stop the advance of covid-19, a disease that as of July

23, 2021 has caused 21.5 thousand deaths confirmed by the Ministry of Public Health of

Ecuador (Ecuador, n.d.).

The dimension and duration of the economic effects of the pandemic are complicated

to quantify and estimate due to virus outbreaks due to the appearance of new and more

contagious strains such as the Delta variant according to some published studies (BBC,

2021). The pandemic will be the cause of the greatest economic and social crisis in the

region in decades, with negative effects on employment, the fight against poverty and

the reduction of inequality (ECLAC, Report on the economic impact in Latin America

and the Caribbean of the coronavirus disease (COVID-19).

The economic hibernation was reflected not only in a sharp increase in unemployment,

but also in a fall in the labor force participation rate, which, by reducing the pressure on

the labor market, partially offset the rise in the unemployment rate (Esteves, 2020).

The pandemic has set in motion a train that has as its destination the world of the future,

that of the IV Industrial Revolution based on technology, but also on respect for the

environment, rights and social balances (Ríos, 2020). The magnitude of the global

economic recession will almost certainly be greater than that caused by the global

financial crisis of 2008, or even by the Great Depression (Mundial, 2020).

The Telework modality has been an opportunity for some companies to reactivate

economically, the sectors that in greater proportion have been able to work in this

e-ISSN: 2576-0971. April - June Vol. 6 - 2 -2022 . http://journalbusinesses.com/index.php/revista

modality are the information technology "ICT", education and financial (Franco-Crespo,

2020).

The objective of this research is to determine the economic impact of Covid-19 on the

sales revenue of private companies in Ecuador. In order to answer the question posed

and the objective of the research, a quantitative approach of descriptive type with

contrast of means is used to determine the variation of sales in the year 2020 in relation

to 2019. The information was obtained from the Superintendence of Companies, where

35,906 companies that registered information in said entity in the years evaluated were

analyzed.

From the onset of the Covid-19 pandemic, concerns arose about its impact on the

economies of countries worldwide, as well as its impact on labor markets. Public and

private organizations and consumers of products and services were the most affected

by the pandemic problem, reflected in reduced sales and changes in consumption

(Ortega, 2020). The situation at the Latin American level had already been complicated

since 2019 where economic growth was 0.1% according to data reported by the World

Bank (WB).

The uncertainty in the economy generated by the global pandemic caused global stock

markets to plummet due to the negative expectations of economic agents towards the

dates either future or current of a possible immunization of the population in the short

or long term, the uncertainty took hold of investors and the nervousness of betting on

a given market (Baker, Bloom, Davis, & Terry, 2020).

According to the International Labor Organization (ILO) warns that 305 million people

will lose their jobs, the ILO also states that 1.6 billion informal workers, almost half of

the world's workforce, are in eminent danger of losing their livelihoods.

The impact of the crisis unleashed by the pandemic in Ecuador has been very hard, more

than 431,000 new poor and 532,359 jobs lost due to the pandemic in the country

according to the Government of Ecuador in its National Development Plan (Commerce,

2021).

The economy in companies or organizations has been hit hard and has led to

restructuring and layoffs in order to survive; in this context, the fall in employment has

left many people who had formal jobs, unemployed and others in informal employment

(Costa, 2020).

As a result of the pandemic, teleworking has increased and companies have dispensed

with a percentage of their staff as they have been replaced by duplicating or tripling the

functions to a worker or by robots or automatic systems (Becerra, Valencia, & Revelo,

2021).

Unemployment is a social problem since not only the individual is affected, the impact

extends to his or her family and therefore to his or her social environment (Becerra,

Valencia, & Revelo, 2021),

Unemployment affects the economy in a way that is associated with cash flow. A steady

cash flow is essential for any economy that wants to prosper, both inward and outward.

e-ISSN: 2576-0971. April - June Vol. 6 - 2 -2022 . http://journalbusinesses.com/index.php/revista

Failure to achieve this leads to slow economic growth, which in turn makes it more

difficult to make a turnaround in the future (nvindi).

According to the Central Bank of Ecuador, household final consumption expenditure

presented a decrease of 7.0% during 2020 in relation to 2019 due to a 17.9% reduction

in imports of consumer goods and a 23.4% decrease in consumer credit operations

(ordinary and priority), granted by the private financial systems and the popular and

solidarity economy (BCE, 2021).

Consumption expenditures made by the General Government experienced a decrease

of 6.1% with respect to 2019. This is mainly due to the 7.6% decrease in remunerations,

which reached accrued expenses of USD 8,592.2 million, a value USD 705.3 million

lower than that presented in 2019 (BCE, 2021). Likewise, there was a 25.8% reduction

in the purchase of goods and services, since the General State Budget (PGE) presented

an execution of USD 1,688.2 million, i.e. USD 588.4 million less than in 2019 (BCE,

2021).

The COVID-19 pandemic left costs and a reduction of income for Ecuador for USD

6,421 million, between March and May 2020. This was revealed by the "Evaluation of the

effects and impacts of the health emergency in the country", which was led by the

Technical Secretariat Planifica Ecuador (SNP, 2021). According to the document, the

total costs and revenue reduction (USD 6 421 million) is equivalent to 6% of the

country's current nominal Gross Domestic Product (GDP) in 2019, which was USD 107

436 million, according to bulletins from the Central Bank of Ecuador (BCE).

By sector, the losses recorded between March and May 2020 were as follows: Economic

and Productive Sector, USD 4 095 million; Social Sector, USD 1 300 million; Natural

Resources, Habitat and Infrastructure Sector, USD 999 million; and Security Sector,

USD 27 million (SNP, 2021).

MATERIALS AND METHODS

The research was conducted under the quantitative approach of descriptive type with

contrast of means to determine the variation of sales in 2020 in relation to 2019, for

which a longitudinal research is conducted to track sales revenue in the years 2019 and

2020, information reported in the Superintendence of Companies. Additionally, the

"decision trees" data mining technique is used to determine the profile of the companies

with the greatest decrease in sales in 2020 compared to 2019.

RESULTS

In the present work, a total of 35,906 private companies with revenues over 10 thousand

dollars in 2019 were analyzed, and then compared with the revenues obtained in 2020,

for this purpose the companies were classified by their sales revenue according to the

figures reported to the Superintendence of Companies in 2019:

Comparison of means for related samples by type of firm

Based on the hypothesis that "there are no significant differences in sales revenues in

the year 2019 before the pandemic and the year 2020 in the pandemic", a t-test for

e-ISSN: 2576-0971. April - June Vol. 6 - 2 -2022 . http://journalbusinesses.com/index.php/revista

related samples was performed which gave us the following result: The average revenues

of the companies during the year 2020 were $ 2,457.820 million dollars, 11% less than

what was recorded in the year 2019 with $ 2,774.699 million dollars.

The related samples statistical test allows us to interpret that, with a "t"= 10.9 and a

significance of 0.0 less than 0.05, there is statistical evidence to reject the initial

hypothesis that there is no difference in revenues, i.e. the pandemic caused a reduction

in sales revenues in the country's companies.

We note that there are statistically significant differences in revenues among the

different types of companies. Microenterprises were the only ones that achieved a

positive result with 45% of revenues higher than 2019.

Despite the pandemic-induced downturn, 31% of businesses overall earned revenues

higher than 2019, 36% of microenterprises, 30% of small businesses, and 28% of medium

and large businesses respectively. The 11,237 businesses that earned revenues higher

than 2019 recorded sales of $34.3 billion, $7 billion higher, while businesses that

decreased revenues achieved sales of $53.9 billion, $18.4 billion lower than 2019.

Revenues by Sector

The construction sector, logistics and cargo activities had the largest decrease in

revenues with 26% and 20%, respectively, while the agriculture, livestock, forestry and

fishing sector practically maintained revenues compared to last year.

Revenues by Activity Group

The first six groups that recorded higher revenues compared to 2019 were: Extraction

of stone materials, timber production, research and development, application and

website services, wood products manufacturing and the health sector, these six groups

achieved a 34% increase in revenues.

While the six groups that decreased the most compared to 2019 were: restaurants,

maritime transportation, air transportation, accommodation services, recording

production activities and tour operators, these six groups recorded a decrease in

revenues of 45% compared to 2019.

Revenues by Province

The provinces of Guayas and Pichincha account for 75% of the companies in the study.

The reduction in sales in Guayas was 8%, in Pichincha 17%, while in the rest of the

provinces the reduction was 12%.

The province of Galapagos with 163 registered companies had the largest reduction in

sales with 68%, most of the companies registered in this province are engaged in the

tourism sector, while the province of Zamora with 89 registered companies had an

increase of 367%, due to the increase in sales in companies engaged in the extraction of

stone materials.

Top Ten companies in the country

The ten companies with the highest sales in 2019 recorded a 10% decrease in sales in

2020. Difare, Corporación el Rosado and Corporación Favorita achieved an increase in

sales with 12%, 7% and 3% respectively, while the rest of the companies recorded

e-ISSN: 2576-0971. April - June Vol. 6 - 2 -2022 . http://journalbusinesses.com/index.php/revista

decreases, with General Motors Ecuador being the company that recorded the largest

decrease with 59%.

Decision tree in the profile of companies with the greatest decrease in sales

recorded in 2020 compared to 2019.

Decision trees is one of the techniques of nonparametric supervised inductive learning,

used for prediction and used in the field of artificial intelligence, where from a database

logical construction diagrams are built, very similar to prediction systems based on rules,

which serve to represent and categorize a series of conditions that occur repeatedly to

solve a problem. (Solarte Martínez & Soto Mejía, 2011).

One of the properties of this technique is that it allows an efficient organization of a set

of data, because the trees are built from the evaluation of the first node (root) and

according to its evaluation or value taken, it goes down the branches until the end of

the path (leaves of the tree), where the leaves represent classes and the root node

represents all the training patterns which have to be divided into classes. (Solarte

Martínez & Soto Mejía, 2011)..

Using the decision tree methodology, it was possible to obtain the profile of the

companies with the greatest variation in their sales in 2020 compared to 2019, the

results were:

38.4% of companies with revenues less than equal to $52k in 2019 recorded higher

revenues in 2020, 6.7 points higher than the overall average 31.7%.

Companies domiciled in the coastal region performed better than companies in the rest

of the country's regions.

Companies with domicile other than the coastal region and with revenues above $252.7

thousand dollars in 2019, obtained the worst results in 2020, 76.6% recorded revenues

lower than 2019, 8.3 points higher than the overall average (68.3%)

Affecting employment

The COVID-19 crisis poses a particularly salient threat to employment, both in terms

of a reduction in the quantity of jobs and a deterioration in their quality (OECD, 2020).

Many companies have reduced their demand for employees in the face of the decline in

their economic activities, according to figures presented by the National Survey of

Employment, Unemployment and Underemployment (ENEMDU) of the National

Institute of Statistics and Census, adequate employment fell by 7.6 points between

December 2019 and June 2021.

e-ISSN: 2576-0971. April - June Vol. 6 - 2 -2022 . http://journalbusinesses.com/index.php/revista

Graph 1Labor Distribution in Ecuador

Source: ENEMDU (INEC)

A total of 2,505 companies that registered 50 or more employees in 2019 reduced their

job openings by 4.5% in 2020. 63% decreased their number of jobs, while 37% increased

their job openings.

Workload Variation2. Graph

Source: SUPERCIAS

20%

40%

60%

80%

100%

dic-14 dic-15 dic-16 dic-18 dic-19 sep-20 dic-20 jun-21

3,80 4,77 5,21 3,69 3,84 6,15 4,90 5,12

49,28 46,50 41,19 40,64 38,85 30,76 30,41 31,25

46,69 48,09 53,39 55,25 56,72 62,39 63,82 62,96

0,23 0,63 0,21 0,42 0,59 0,70 0,87 0,67

Distribución Laboral del Ecuador

Desempleo Empleo Adecuado Empleo Inadecuado Empleo no Clasificado

200

400

600

800

1.000

1.200

1.400

1.600

Disminuye Incrementa

Disminuye; 1.582

Incrementa; 923

Variación Carga Laboral

e-ISSN: 2576-0971. April - June Vol. 6 - 2 -2022 . http://journalbusinesses.com/index.php/revista

CONCLUSIONS

Sales revenue in 2020 decreased by 11% compared to 2019. Large companies recorded

a decrease of 13%, while medium and small companies decreased 8%. Micro-enterprises

obtained revenues of $ 738 thousand dollars, 45% higher than what was achieved in

2020 ($ 508 thousand dollars). Sixty-nine percent of the companies evaluated recorded

revenues 25% lower than in 2019.

The construction sector, logistics and cargo activities had the largest decrease in

revenues with 26% and 20% respectively, while the agriculture, livestock, forestry and

fishing sector practically maintained revenues compared to last year.

The provinces of Guayas and Pichincha account for 75% of the companies in the study,

the reduction in sales in Guayas was 8%, in Pichincha it was 17%, while in the rest of the

provinces the reduction was 7%. The ten companies with the highest sales in 2019

recorded a decrease of 10% overall. Of these, only three registered an increase in sales

in 2020: Difare, Corporación el Rosado and Corporación Favorita, obtaining increases

in their sales with 12%, 7% and 3% respectively. Companies located in the coastal region

performed better than companies in the rest of the country's regions.

According to figures presented by the National Survey of Employment, Unemployment

and Underemployment (ENEMDU) of the National Institute of Statistics and Census,

adequate employment decreased by 7.6 points between December 2019 and June 2021.

Of the 35,906 companies evaluated in the present study, 2,505 representing 7% reported

having 50 or more employees in 2019, these companies reduced their workplaces by

4.5%. The agriculture, livestock and forestry sector may have a faster recovery in its

economic activity, since the levels of reduction in income (2%) were the lowest

compared to other sectors of the economy. According to the International Monetary

Fund (IMF), Latin America is expected to recover its pre-pandemic GDP levels by 2023.

REFERENCES

ECB, (2020). Evaluación impacto macroeconómico del covid-19 en la economía

ecuatoriana. Central Bank of Ecuador.

https://contenido.bce.fin.ec//documentos/PublicacionesNotas//ImpMacCovid_1

22020.pdf

SUPERCIAS (n.d. ). General Ranking Companies 2019 - 2020.

Baker, S., Bloom, N., Davis, S., & Terry, S. (2020). COVID-Induced Economic

Uncertainty. NBER Working Papers 26983, National Bureau of Economic

Research, Inc.

BBC, N. (January 5, 2021). New strain of coronavirus: why new variant detected in UK

is so contagious. BBC News. https://www.bbc.com/mundo/noticias-55546680

ECB. (March 31, 2021). La pandemia incizó en el crecimiento 2020: La economía

ecuatoriana decreció 7.8%. Quito: BCE. Retrieved from

https://www.bce.fin.ec/index.php/boletines-de-prensa-archivo/item/1421-la-

e-ISSN: 2576-0971. April - June Vol. 6 - 2 -2022 . http://journalbusinesses.com/index.php/revista

pandemia-incidio-en-el-crecimiento-2020-la-economia-ecuatoriana-decrecio-7-

Becerra-Sarmiento, M., Valencia-González, E., and Revelo-Oña, R. (2021). Analysis of

unemployment during the COVID-19 pandemic and the impact on different

economic sectors in Ecuador. 593 Digital Publisher CEIT, 6(3), 442-451.

https://doi.org/10.33386/593dp.2021.3.454

Castro, L., & Fernández, J. (2020). A country connected to a respirator: Ecuador and the

crisis caused by COVID-19. ECUADOR DEBATE 110: 25-60.

http://hdl.handle.net/10469/17106

Central America, Ey. (October 15, 2020). Winning companies in times of pandemic. EY

Centroamérica. https://www.ey.com/es_sv/covid-19/las-empresas-ganadoras-en-

tiempos-de-pandemia

ECLAC. (2020). Report on the economic impact in Latin America and the Caribbean of

coronavirus disease (COVID-19). Economic Commission for Latin America and the

Caribbean. https://www.cepal.org/es/publicaciones/45602-informe-impacto-

economico-america-latina-caribe-la-enfermedad-coronavirus-covid

ECLAC. (2020). The effects of COVID-19 on international trade and logistics. Covid-19

Special Report number 6.

https://repositorio.cepal.org/bitstream/handle/11362/45877/1/S2000497_es.pdf

ECLAC. (2020). Sectors and companies facing COVID-19: emergency and reactivation.

Informe Especial COVID-19 Número 4.

https://www.cepal.org/es/publicaciones/45734-sectores-empresas-frente-al-

covid-19-emergencia-reactivacion

Cevallos Ponce, G. K., Calle Lino, A. del R., & Ponce Cedeño, O. S. (2020). Social impact

caused by COVID-19 in Ecuador. 3C Empresa. Investigación y Pensamiento crítico,

115-127. Retrieved from. https://ojs.3ciencias.com/index.php/3c-

empresa/article/view/1073

El Comercio (September 22, 2021). More than 431,000 new poor and 532,359 jobs lost

due to the pandemic in Ecuador in 2020, according to the Government.

https://www.elcomercio.com/actualidad/negocios/pobres-empleos-desempleo-

gobierno-ecuador-pandemia-desarrollo.html

Correa Quezada, R., Izquierdo Montoya, L., & García Vélez, D. (2020). Impact of

COVID-19 in Ecuador. Círculos de Estudios Latinoamericanos.

https://www.cesla.com/archivos/Informe_economia_Ecuador_mayo_2020.pdf.

e-ISSN: 2576-0971. April - June Vol. 6 - 2 -2022 . http://journalbusinesses.com/index.php/revista

Costa. (2020). The pandemic and the labor market in Brazil. Revista de Administracao

Publica; 54(4):969-978, 2020. https://search.bvsalud.org/global-literature-on-

novel-coronavirus-2019-ncov/resource/en/covidwho-902124.

https://search.bvsalud.org/global-literature-on-novel-coronavirus-2019-

ncov/resource/en/covidwho-902124.

Government of Ecuador (n.d.). Coronavirus Ecuador. Statistics Covid-19. Government

of the Republic of Ecuador. https://www.coronavirusecuador.com/estadisticas-

covid-19/

Esteves, Ana. 2020. El Impacto Del COVID-19 En El Mercado De Trabajo De Ecuador.

Mundos Plurales - Revista Latinoamericana De Políticas Y Acción Pública. 7(2), 35-41.

https://doi.org/10.17141/mundosplurales.2.2020.4875.

Félix Mendoza, Á. G., & García Reinoso, N. (2020). Study of losses and reactivation

strategies for the tourism sector due to COVID-19 sanitary crisis in the

destination Manta-Ecuador. International Journal of Tourism, Business and Territory,

4(1). 79 - 103. https://doi.org/10.21071/riturem.v4i1.12743

Franco-Crespo, A. (2020). Economic impact on businesses and employment by Covid-

19. SIGTI Multidisciplinary Research Group. https://www.epn.edu.ec/wp-

content/uploads/2020/05/Resultados-Empresas-Covid-EPN-1.pdf.

Hernández Rivera, A., & Mar Pensado, J. (2020). Effects of the pandemic on the economy.

Current Economy.

http://economia.uaemex.mx/Publicaciones/e1303/Efectos%20de%20la%20pand

emia%20en%20la%20economa.pdf

INEC, E. (n.d.). Employment Indicators December 2014 - June 2021. National Institute

of Statistics and Census. Directorate of Labor and Economic Studies.

https://www.ecuadorencifras.gob.ec/documentos/web-inec/EMPLEO/Empleo-

Diciembre/Nuevo_Marco_Conceptual/Informe_Ejecutivo-Dic_2014.pdf

Jumbo Ordóñez, D. P., Campuzano Vásquez, J. A., Vega Jaramillo, F. Y., & Luna Romero,

Ángel E. (2020). Economic crises and Covid-19 in Ecuador: impact on exports.

Universidad Y Sociedad, 12(6), 103-110. Retrieved from

https://rus.ucf.edu.cu/index.php/rus/article/view/1883

Larios-Gómez, E. (2020). Purchase behavior in the face of Covid-19: a Latin American

cross-sectional study from a healthcare marketing approach. Horizonte

Sanitario, 20(1). https://doi.org/10.19136/hs.a20n1.3967

Lucero Proaño, G. E., Cunalata García, Á., & Maldonado Castillo, P. (2020). Tourism and

COVID-19: Socioeconomic and environmental issues in Ecuador. Green World

Journal, 3(3), 17. https://doi.org/https://www.greenworldjournal.com/doi-027-

gwj-2020

e-ISSN: 2576-0971. April - June Vol. 6 - 2 -2022 . http://journalbusinesses.com/index.php/revista

Molina Prendes, N., & Mejias Herrera, M. L. (2020). Social impact of COVID-19 in Brazil

and Ecuador: where reality exceeds statistics. EDUMECENTRO,12 (3), 277-283.

Epub June 22, 2020.

http://scielo.sld.cu/scielo.php?script=sci_arttext&pid=S2077-

28742020000300277&lng=es&tlng=es.

Montes Iturrizaga, I. (2012). Longitudinal investigation of study habits in a cohort of

university students. Revista Lasallista de Investigación, 9(1), 96-110.

https://www.redalyc.org/articulo.oa?id=69524955005

Mundial, B. (2020). Economics in the times of Covid-19.

NVINDI. (n.d.). Unemployment and its effect on the economy.

https://www.bolsamania.com/buscartrabajo/el-desempleo-y-su-efecto-en-la-

economia/

OECD. (2020). Social-impact-COVID-19-Ecuador: Challenges and Responses. Making

Development Happen Volume 4. https://www.oecd.org/dev/Impacto-social-

COVID-19-Ecuador.pdf

Ortega-Vivanco, M. (2020). Effects of Covid-19 on consumer behavior: The case of

Ecuador. Retos Revista de Ciencias de la Administración y Economía, 10(20),

pp. 233-247. https://doi.org/10.17163/ret.n20.2020.03

Quevedo Vázquez, J. O., Pinzón Prado, L. T., Vásquez Lafebre, L. M., & Quevedo Barros,

M. R. (2020). Impact of covid -19 on entrepreneurship in the tourism sector in

Ecuador. Science Domain, 6(3). 352-1367.

http://dx.doi.org/10.23857/dc.v6i3.1377

Rios, G. (2020). The role of the private sector in times of pandemic: ideas for discussion.

CEAPI, 22.

Ríos, G. (2020). Economic impact of COVID-19 in Latin America. Academia.

SNP, E. (2021). Between March and May 2020, COVID-19 left Ecuador with losses of

USD 6,421 million. National Secretariat of Education.

https://www.planificacion.gob.ec/entre-marzo-y-mayo-de-2020-el-covid-19-

dejo-perdidas-para-ecuador-por-usd-6-421-millones/

Solarte Martínez, G. R., & Soto Mejía, J. (2011). Decision trees in the diagnosis of

cardiovascular diseases. Universidad Tecnológica de Pereira, 104-109.

Tenorio Rosero, M. L., Veintimilla Almeida, D. G., & Reyes Herrera, M. A. (2021). The

COVID-19 economic crisis in Ecuador: implications and projectives for mental

health and security. Investigación y Desarrollo I+D Journal.

e-ISSN: 2576-0971. April - June Vol. 6 - 2 -2022 . http://journalbusinesses.com/index.php/revista

Labor, O. I. (2020). Impacts on the labor market and income in Latin America and the

Caribbean. Panorama Laboral en tiempos de la COVID-19.

Tuesta Panduro, J. A., Coronado Chang, L. V., Pardo Hidalgo, C., & Salirrosas Navarro,

L. S. (2021). Sales levels during the Covid-19 a systematic review in

microenterprises in Latin America. Anuario Facultad de Ciencias Económicas y

Empresariales, 280 - 286.

Weller, J., Gómez Contreras, M., Martín Caballero, A., & Ravest Tropa, J. (2020). The

impact of the COVID-19 health crisis on Latin American labor markets. ECLAC.

Zúñiga, L., Restrepo, L., Osorio, R., Buendía, J., & Muñoz, H. (2020). The Global Economy

in time of covid-19 crisis. Espacios, 381-387. https://doi.org/10.48082/espacios-

a20v41n42p33