As part of the Arab Center's Lecture Series "Thinking on the Corona Crisis and its Dimensions," in which experts and scholars give scientific talks broadcast on ACRPS' social networking platforms concerning the Corona pandemic and its social, political and economic repercussions, on Thursday 7 May 2020 Dr. Jawad al-Anani presented a fifth lecture entitled "Arab Regional Economic Dimensions of the Arab Corona Crisis and Prospects for Cooperation".

Dr. al-Anani prefaced his remarks by noting that as of 24 April 2020, world stock markets had declined in China, Europe, the United States of America, Japan, South Korea, and elsewhere. He pointed out that some of them started to witness increases due to decreasing interest rates, but the decline in interest on deposits prompted people in most economies of the world to resort to hoarding. He observed that American savings by individuals seeking to maintain liquidity increased by up to $ 2.3 trillion, given that alternative opportunities for cash income are very limited.

The lecturer analyzed the employment picture in the context of the Corona pandemic, highlighting the increase in rates of unemployment in all countries of the world, rich and poor, with studies by the International Labor Organization showing the increase ranging between 1 and 1.5 percent. The number of those claiming unemployment benefits in the United States increased to 3.5 million workers between March 7 and April 21, 2020. Unemployment has afflicted the poorest and most vulnerable groups in society and those whose livelihoods depend upon wage-earning, especially in the areas of entertainment, restaurants, shops, transportation and major retailers.

In terms of the Arab world context, which is not removed from what is taking place elsewhere in the world, statistical data of the United Nations Development Program indicate that by mid-April 2020 the overall Arab economy had lost nearly $40 billion. The International Monetary Fund for its part estimates that by the end of 2020 Arab economies will register a loss of between 2 and 4.5 percent of total GDP. Accordingly, Dr. al-Anani estimated that the average Arab per capita income in 2020 would be 4 to 6.5 percent lower than in 2019. He also pointed to the failure of some Arab governments in dealing with the crisis, with success registered on the medical and treatment fronts, but performance on the economic front being not as good. The chaos of the epidemic, lockdowns and the disruption of life have all contributed to revealing the inability of some governments to provide their citizens and residents with a minimum level of decent life and its necessities.

The researcher devoted a portion of his lecture to the situation in the Arab Gulf region, indicating that the Gulf countries will see a decline their oil and gas revenues; Saudi Arabia, he opined, will suffer a significant increase in its budget deficit, because the budget was drawn up on the basis of an estimated $50 - $55 price of a barrel of a oil, throughout 2020. Should the domestic selling price per barrel descend to $15-$20, the researcher forecasted a reduction of the country's income by half, at the very least, and covering the public budget of $270 billion would therefore incur a deficit of at least $100 billion US Dollars. The researcher also indicated that sources of gross domestic product in the Gulf countries and the region's non-oil producing countries have also declined, especially in the areas of aviation, tourism, restaurants, places of entertainment, sporting events, and so on; it is difficult to determine the size of anticipated losses, but indications of lost revenue threatening airlines with bankruptcy may be taken as a measure of the level of threat faced by global companies, if the cessation of airline operations should continue.