Economic challenges and support measures in GCC as a response to current global situation

All countries, business communities and individuals are dealing with enormous economic disruption. All governments are putting efforts to contain the virus and to overcome economic challenges. The public health is a priority all over the world, economic support initiatives have become vital for many businesses and individuals affected by local and global strains. Different economic support packages are provided by all governments including the Arab and Gulf Cooperation Countries (GCC). The article analyzes economic stimulus packages in GCC countries and identify difficulties that the region is facing to recover their economies. Though the measures differ from one country to another, the key initiatives include financial support of the private sector employees, exemption from taxes and rents, increase of financial sector liquidity, etc. On one hand managing the crises in GCC is based on the international experience and coordinated actions of all 6 GCC members, but on the other hand the countries are challenged by their local and regional realities such as dependence on oil revenues, big share of migrant workers in the population, limitation of governments measures to spur private sector growth, etc.