IMPACT OF COVID-19 ON SAUDI ARABIA'S ECONOMY

Abstract

Today, COVID-19 pandemic is having a severe impact on the global economy and has many aspects of our everyday lives, including our health system, education, economics, and social life. Although at this point, there is no way to say how hard would COVID-19 impacts the economy, nevertheless, economists generally accepted that it would have significant adverse effects. This paper focuses on exploring the impact of the Covid-19 virus on the economy of the top oil exporter country, namely the Kingdom of Saudi Arabia. This study seeks to provide a descriptive overview of the response of the Saudi authorities to COVID-19 virus, from an economic point of view. Besides, the study has also discussed how the government planned to protect the economy and its citizens. This crisis is the first of its kind to hit KSA, and it created economic finance challenges. This pandemic affected the markets, the private sector, the budget, and other related economic fields.