Question

Critically analyze, in nothing less than 200 words, the economic impact of Corona Virus

on Saudi Arabia economy

Answer 1

Corona Virus is the global pendemic and is affecting global economy and trade severely. Saudi Arabia is one of the country worst affected by the pendemic on multiple front as global demand for oil have contracted alongside the price war with Russian Oil is now trading at decades low leading to significant loss of oil revenue to the Kingdom, this alongside the cinema,mall,hotels alongside umrah closedown has led to significant losses from religious tourism and private Consumption this is all going to affect kingdom spending and is expected to be slashed roughly 20%-30% this year. All in all the virus pendemic has severely affected kingdom's economy with overall impact is still to be ascertained with changing scenario each passing day.