Often, the local or the global crises occur repeatedly and considerably, such as “Al- Manakh” Great Recession during the eighties in Kuwait, and the global financial crisis that began in the American financial markets in 2008, but the current financial crisis is a global epidemic that has casted a heavy burden on the economic movement, activity and business as well.
This global pandamic of the Corona crisis made the financial crisis spread widely and profoundly in terms of impact, and globally in terms of expansion.
No country in the world could possibly ignore or neglect the COVID 19 pandemic, and thus the international economy entered a phase of slowdown and then contraction, and it seemed that the economic challenges posed by the Corona virus were no less threatening than the health challenges.
The State of Kuwait was greatly affected by the pandemic. The government had to impose a partial then total curfew, and imposed strict restrictions on business which has affected directly and negatively on the operational activity of the current business projects, as some of these projects have become unable to pay real estate rental fees or even pay workers’ wages.
Such these conditions may lead to a wide economic catastrophe if are not treated or resolved rapidly. The government should have intervened to support projects affected by the Corona crisis, just as it intervened to impose a curfew and restrictions on the commercial activities.
Read Full Articles To Dr.Badr Al-Otaibi from The Source: Kuwait provided a financial bailout for businesses affected by Covid-19 Pandemic