ANALYSIS OF POTENTIAL EMPLOYMENT CONSEQUENCES ASSOCIATED WITH THE NOVEL CORONAVIRUS: CASE OF KUWAIT
ANALYSIS OF POTENTIAL EMPLOYMENT CONSEQUENCES ASSOCIATED WITH THE NOVEL CORONAVIRUS: CASE OF KUWAIT

Author(s): Dušana Alshatti Schmidt
Subject(s): Social Sciences, Economy
Published by: Udruženje ekonomista i menadžera Balkana
Keywords: COVID-19; Oil; GDP; Labor market; Policy
Summary/Abstract: The novel coronavirus (COVID-19) outbreak has already left a mark on the economic activities and labor markets in both advanced and developing countries. While the impacts on the economy vary considerably, the oil dependent economies have been hit harder. Along with the impact of the pandemic disease, they have been contending with a major collapse in oil prices. Kuwait is the world’s seventh largest exporter of oil. Falling oil demand might affect the future growth of Kuwait’s economy in the long run, and if the crisis continues, possibility to provide employment opportunities will be challenged. The aim of this paper is to analyze potential pandemic’s impact on employment in Kuwait in comparison with the financial crisis from 2008-2009, what is of crucial importance for the businesses in the region to understand. The paper is based on a systematic review of the secondary data gathered by international institutions.

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