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ALRAQABA . ISSUE 16
Gulf Cooperation Countries (GCC) affected directly because of Corona
virus the below schedule shows 2020 and 2021 forecasted GDP for (GCC):
and comprehensive closure of many businesses
in different sectors such as tourism, entertainment
and aviation. This steered to the loss of many
jobs and an increase in unemployment rate
worldwide. Moreover, government’s expenditure
has increased to meet their obligations for
confronting this pandemic. For example
providing medical equipment such as masks,
sanitizers and ventilators cost governments a
huge amount of money.
Impact on economy:
COVID-19 the other name of corona virus had
a direct impact on countries economy. The
pandemic affected the Gross Domestic Product
(GDP) of countries worldwide. OECD defines
GDP as “is the standard measure of the value
added created through the production of goods
and services in a country during a certain period.
As such, it also measures the income earned
from that production, or the total amount spent
on final goods and services (less imports)”.
