GCC 2020 crisis: Will Europe become the new destination for workers from the Gulf and Saudi citizens?
GCC 2020 crisis: Will Europe become the new destination for workers from the Gulf and Saudi citizens?

Author(s): Not Specified Author
Subject(s): Labor relations, Economic policy, International relations/trade, Health and medicine and law
Published by: Mednarodni inštitut za bližnjevzhodne in balkanske študije IFIMES
Keywords: GCC; Gulf states; economy; policy; COVID-19; crisis; Europe;
Summary/Abstract: The oil-dependent member states of the Gulf Cooperation Council (GCC) are currently facing numerous challenges in the aftermath of two simultaneous global crises that have hit the global regional economies: the spread of the Covid-19 epidemic and the plunging of oil prices to a record low. The two crises and the measures taken to control the novel corona virus epidemic have slowed down the economy in GCC states which are heavily dependent on exports of oil and imports of almost all goods from technical products to food. Border closures and travel bans have contributed to the reduction of productivity, rising of unemployment and shrinking of GDP. Due to their oil dependency government revenues have recently decreased by almost 500 million dollars per day with the oil prices remaining between $20 and $30 per barrel.

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