Author(s): Khaleed Omair Alotaibi
The COVID-19 pandemic has an unprecedented global social and economic operation. The international movement of products was limited to the minimum required, particularly to distribute protective and health-care equipment alone. Several governments have imposed stringent international travel bans that seriously limit or reduce the risks of the virus' import. Many nations impose extreme domestic bans, including the travel ban on households, partial or full restrictions on the movement, and closure of schools, factories, stores, and services. Therefore, the study relied on a descriptive status has been adopted by the method. The study found, the corona pandemic caused a drop in demand for goods and services; there is a neutral inclination to work from home, need for the acquisition of financial support from banks or construction companies. The sample participants do not accept that businesses should apply for a bank loan. In conclusion, despite the high output of non-oil industries, the contracting oil market led to slow growth in 2019. Following COVID-19 and oil supply shocks, the outlook for 2020 remains very fragile. In order to achieve a further agreement with the OPEC and the G20 countries, increasing would initially push higher oil output, as announced in 2020. In the non-oil sectors with low domestic demand, slower growth is expected, because the closures and suspensions of the COVID-19 interrupt the economic critical sectors, which are expected to be centered within the span of 2020.