Dušana Alshatti Schmidt – Comenius University in Bratislava, Faculty of Management, Odbojárov 10, 820 05 Bratislava 25, Slovakia
DOI: https://doi.org/10.31410/ERAZ.S.P.2020.25
6th International Conference – ERAZ 2020 – KNOWLEDGE BASED SUSTAINABLE DEVELOPMENT, Online/virtual, May 21, 2020, SELECTED PAPERS
Published by: Association of Economists and Managers of the Balkans – Belgrade, Serbia
Conference partners: Faculty of Economics and Business, Mediterranean University, Montenegro; University of National and World Economy – Sofia, Bulgaria; Faculty of Commercial and Business Studies – Celje, Slovenia; Faculty of Applied Management, Economics and Finance – Belgrade, Serbia
ISBN 978-86-80194-34-9, ISSN 2683-5568, DOI: https://doi.org/10.31410/ERAZ.
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.
Key words
COVID-19, Oil, GDP, Labor market, Policy.
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