Colombia economy contracts 20.06% in April as coronavirus bites By Reuters

BOGOTA (Reuters) – Colombia’s economy contracted 20.06% in April versus exactly the same month last year as the nation weathered the results of a national coronavirus lockdown, the government’s statistics agency said on Thursday.

President Ivan Duque declared a continuous national quarantine to curb the spread of the illness in late March. Though some restrictions have also been lifted, the lockdown is defined to last until July 1.

The Andean country’s economy grew 1.1% in the first quarter of the season, after robust expansion in January and February was offset by the start of pandemic measures in March.

Thousands of businesses have shuttered, unemployment has spiked and the us government – which includes abandoned its fiscal deficit limits for 2020 and 2021 – expects the economy to contract by 5.5% this year.

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