Emerging Strategies and Economic impact of Covid-19

Abstract

The importance of this study comes from explaining the economic impacts of COVID-19 will help in developing strategies that will help reduce these impacts. Therefore, this study aims to discuss the strategies that emerged due to combating the economic implications of the COVID-19 on the GCC. This study will evaluate the impact of COVID-19 on Gross Domestic Product (GDP), unemployment rates, electronic commerce, and other economic sectors in GCC. The methodology used is to scrutinize the outcomes of prior studies and assess the results to the output to attend to the problem statement. The results indicate that there are significant economic impacts of this emerging virus on the economies of the Gulf States, where GDP can drop to 3% and more than 3% in some Gulf States. The effects of the COVID-19 on oil prices will affect the Gulf economies since they depend heavily on financing their budgets. The unemployment rates and foreign trade will also be vulnerable to this virus. The results also indicate that the continuation of the COVID-19 crisis will have repercussions that are more negative on the Gulf economy and the gross domestic product of the Gulf States.