The Economic Impact of the Corona Pandemic

Keynote speaker: Mr. Nabil Al-Mubarak

Moderator: Mr. Abdul Rahman Basalam

Summary

 The global economy before the Corona pandemic was not in the best shape, and it has been suffering since the global financial crisis in 2008. Presently, it is difficult to talk about the definite economic effects of the Corona pandemic, although some of its current features can be observed. At the global level, despite what is happening and the stalemate of economy, there is a belief that there are more positive effects despite the pandemic in the medium and long term than the negative effects in the short term. Because it is simply the global economy that needs to restructure its institutions and tools, down the financial and monetary policies. We will also see the beginning of a US-China understanding to run the world or a US-China struggle to take over the world, and regrettably, there is no third option. Also, the international institutions will begin to retreat from the roles they played in managing the world economy, or to be restructured, in line with the balance of new powers. Concerning the overall economic impact at the level of the Saudi economy, in particular, the perception is that the positive effects in the medium term are more. This is especially with the achievement of the strategic goals of the Kingdom through what is going to happen to the energy sector at the world level. The Kingdom has proven to be the sole world leader in this sector and knows when and how to move. Perhaps what happened helps to review some trends and ensuring that we have an increased degree of self-sufficiency and full production cycles, especially concerning food, technical, and health security.

Contribution on the issue included the following themes:

  • The economic impact of the Corona pandemic at a global level.
  • What is the fate of capitalism after the Corona pandemic?
  • The economic impact of the Corona pandemic on the Saudi domestic economy.
  • The economic impact of the Corona pandemic on large companies.
  • The economic impact of the Corona pandemic on small and medium enterprises.
  • The economic impact of the Corona pandemic on entrepreneurs.
  • The economic impact of the Corona pandemic on individuals in the world and the Kingdom.

For more information on the issue, please refer to the link:   https://bit.ly/2V4I1wg

Recommendations:

  1. World economies will change because of the Corona pandemic. So, all countries need to reconsider their calculations, restructure their economies in all areas for a better life.
  2. States’ budgets need to be restructured with more focus on the health and development sectors. This is motivated by the fact that these sectors failed largely to maintain their capacities and make the governments lead the scene.
  3. Remote learning and teaching mechanisms need to be developed at all levels. This is to make the Kingdom amongst elite countries in education and training. In this regard, higher and remote education needs to receive the primary focus.
  4. Remote work needs to be developed and made a model for many of our government and economic activities. An appropriate infrastructure needs to be developed to be in line with the present and future stages.
  5. Local companies need to be restructured with more focus on planning. Moreover, planned rationalization of expenses will be fundamental so that these companies will not resort to borrowing or go bankrupt. These precautionary measures will give them a competitive edge in the international markets.
  6. Various enterprises need to merge to reduce the costs, which will minimize the possibility of exiting the market or going bankrupt.

 

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