Economic and psychosocial effects of the COVID-19 pandemic on GCC nations

covid economy

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Research in Global overview of business and the economy examines the economic and psychosocial effects of the COVID-19 pandemic on the nations of the GCC (Gulf Cooperation Council).

Tala M. Aldihani of the Department of Finance and Financial Institutions at the College of Business Administration at Kuwait University, Kuwait, and Moid W. Ahmad of Scholeio Education in the National Capital Region (NCR), India, explained that they studied how state support may have improved harmful psychosocial and economic effects of the pandemic on people and industry.

The team surveyed GCC nationals and used moderation and mediation techniques and other analytical tools to draw conclusions from the data obtained. The GCC, more officially the Gulf Cooperation Council, is an intergovernmental political and economic union that includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE).

The main conclusion is that state support is significantly declining stress levels for individuals during the study period from October to December 2020. The loss of income caused by the pandemic is a major stressor for workers, with men aged 50 and over being the most economically affected. This period coincided with the second wave of coronavirus infection, SARS-CoV-2, and would lead to forced blockades, quarantines, hotel closures and other restrictions in many places in an attempt to reduce the spread of the virus.

Researchers say the conclusions they have drawn may be relevant to nations outside the GCC. They suggest that politicians can best serve their citizens and businesses by introducing a technological framework and other measures to provide a more effective response to a future pandemic.


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More info:
Talla M. Aldeehani et al, Economic and Psychosocial Effects of COVID-19: Evidence from GCC Economies, Global overview of business and the economy (2022). DOI: 10.1504 / GBER.2022.123283

Quote: Economic and psychosocial effects of the COVID-19 pandemic on the nations of the GCC (2022, June 17), retrieved on June 18, 2022 from https://phys.org/news/2022-06-economic-psychosocial-effects -covid- pandemic.html

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