Economic and psychosocial effects of the COVID-19 pandemic on the nations of the GCC
A study in the Global Business and Economics Review looks at the economic and psychosocial effects of the COVID-19 pandemic on the nations of the GCC (the Gulf Cooperation Council).
Talla M. Aldeehani of the Department of Finance and Financial Institutions in the College of Business Administration at Kuwait University, in Kuwait, and Moid U. Ahmad of Scholeio Education in the National Capital Region (NCR), India, explain that they have investigated how government support may have ameliorated the detrimental psychosocial and economic effects of the pandemic on individuals and industry.
The team surveyed citizens of the GCC states and used moderation-mediation techniques and other analytical tools to draw conclusions from the data obtained. The GCC, more formally the Cooperation Council for the Arab States of the Gulf is an intergovernmental political and economic union that comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE).
The fundamental conclusion is that government support significantly reduced stress levels in individuals during the period studied, October to December 2020. Loss of earnings caused by the pandemic being a major stress factor for workers with men aged 50 and over being worst affected economically. This period coincided with the second wave of infection from the coronavirus, SARS-CoV-2, and would have seen enforced lockdowns, quarantine, hospitality closures, and other restrictions in place in many places in an attempt to reduce the spread of the virus.
The researchers say that the conclusions they have drawn might have relevance to nations beyond the GCC. They suggest that policymakers might best serve their citizens and businesses by putting in place a technological framework and other measures to ensure a more effective response to a future pandemic.Bahrain records first coronavirus death in GCC
More information: Talla M. Aldeehani et al, Economical and psychosocial effects of COVID-19: evidence from the GCC economies, Global Business and Economics Review (2022). DOI: 10.1504/GBER.2022.123283
Provided by Inderscience
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