ESCUELA SUPERIO POLITÉCNICA DE CHIMBORAZO
FACULTAD DE ADMINISTRACIÓN DE EMPRESAS
CARRERA DE FINANZAS
ENGLISH
NAME:
KARINA GREFA LÓPEZ
COURSE:
TERCERO 1
TEACHER:
Carina Fernanda Vallejo
ESSAY
30 de enero de 2021
THE PANDEMIC.
INTRODUCCION
(T) The pandemic has affected several companies that have suffered economic losses in
Ecuador. (S) This means that it has caused the total and partial suspension of several
national products. (E) For instance, the shrimp company, the tourism sector, which have
suffered a decrease in wages and finances. (T2) what is more, they have difficulties to
maintain their activities, which have had to implement strategies. (E) For example,
minimize or exaggerate crises and remain open for business as long as possible.
BODY
(T) The economy in Ecuador has experienced losses in sales in the first half of 2020,
which hit employment and as well as the fall in the price of oil. (S) This means that
accumulated losses of USD 15,863 million are recorded, according to official data . (E)
For instance, in the sectors, the losses registered in 2020 were in the Economic and
Productive Sector, USD 4,095 million as well as the Industrial Sector (T2) What is
more, the results and main findings of the evaluation show the human impact that
COVID-19 has had in the country and its influence on the fall in economic activities,
employment and household income, which shows an increase in poverty, food
insecurity, increased vulnerability and inequality. (E) For example, the Central Bank
evaluated the macroeconomic impact of the coronavirus in the country and estimates
that in March, April and May 2020 the Ecuadorian economy decreased by 3.8%.
(T) Shrimp companies in Ecuador have been affected due to the reduction in demand
due to the confinement of the main shrimp markets (S) This means that the industry had
to face a crisis, when the General Administration of Customs of the The People's
Republic of China notified the suspension to three Ecuadorian companies for the
alleged detection of traces of COVID-19. (E) For instance, it was found on the surface
of packaging and an inner wall of a container that generated uncertainty among all the
companies, which stopped their shipments to China, and the containers were returned to
Ecuador. (T2) What's more, in the domestic market the drop in shrimp prices at the
local level worsened even more, which is why shrimp began to be listed as the cheapest
in international markets (E) For example, delays in Production shipments create
financial problems for companies with large debts.To find a prompt solution to this
situation, the Ecuadorian government and the Ecuadorian Embassy in China and the
Ministry of Production requested to carry out virtual inspections to obtain information
on the protocols and Biosecurity measures that were being implemented in these
companies, and only those that satisfactorily met their requirements would be
reauthorized to export to China again.
(T) The tourism sector in Ecuador is estimated to lose up to USD 400 million per month
due to the pandemic that forced the closure of borders in the country. (S) This means
that it is an activity with unmatched transversality and an integral part of the sustainable
development agenda, that is to say that these businesses do not present a very
satisfactory evolution of services and economic ratios. (E) For example, in the tourism
sector of Manta, the tourism activity represents a very small part of the business sector,
since in Ecuador 80% of the hotel plant is represented by small and medium-sized
hotels. (T2) What's more, international tourism has also caused a $ 460,000 million
drop in revenues for the sector in the first half. (E) For example, companies related to
travel would reach about $ 1200 million, losses in the tourism sector due to the
pandemic, which face losses that are probably not recoverable that have left empty
hotels, planes on the ground and visitors confined in the sector tourist, which are
affected.
CONCLUSION
Companies have suffered a deep and structural economic crisis with an economic
situation full of urgencies and with a national environment, that is, the levels of
concentration of markets, finances and wealth, which has seen an increase in
unemployment and poverty. Also with the abrupt fall in the price of oil, the impact was
serious on the economic projections in Ecuador with losses in sales in the first half of
this 2020. Production would amount to USD 6114 million. with losses of 8,722 million,
also in services and industries.
