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Socio-Economic Implications of the Novel Corona Virus (COVID-19): An Islamic Perspective التَّدَاعيات الاقتصادية والاجتماعية لفَيروس كُورونا المُستجد (كُوفيد-19): وجهة نظر إسلامية

Author

Listed:
  • Ahmed Mahdi Belouafi

    (Professor, Islamic Finance Department Islamic Economics Institute, King Abulaziz University)

Abstract

The study aims at exploring some of the economic and social implications of the novel corona virus (COVID-19) pandemic that hit China in late 2019 and then moved to other parts of the World resulting an unprecedented havoc all over the globe. In order to lessen the calamities arose from the spread of the virus governments were forced to take several exceptional measures like social distancing, lockdown and suspension of many activities and events, which undoubtedly affected the economic and social performance of all countries. The study presents a brief account of the socio-economic impacts resulting from such measures. It also sought to discuss and analyze the most important monetary and fiscal policies that decision-makers resorted to in order to limit the effects of the outbreak and spread of the virus. To accomplish this task the study tries to answer the following questions: • What are the most important economic and social implications of COVID-19 pandemic? • What are the most important monetary and financial policies taken by countries to limit these repercussions and impacts? • What are the long-term implications of these policies on the global economy? • What can Islamic economics contribute within the context of the developments of such incidents and policies? Though the essay tries to answer those questions in brief, but concentrated manner, I must confess that the subject is large and complex, and the fact that the economic policies that can be resorted to are greater than the scope of the prevailing monetary and fiscal policies that have been discussed in the paper. هَدفَت الدراسة إلى استعراض بعض التداعيات الاقتصادية والاجتماعية لفيروس كُورونا المُستجد (كُوفيد-19)؛ الذي أَصاب الصين في أواخر عام 2019م ثم انتقل لغيره من البقاع، مما حَوَّل انتشاره إلى جائحة عالمية اضطرت الحكومات على إثرها إلى اتخاذ العديد من التدابير والإجراءات الاستثنائية؛ كالتباعد الاجتماعي والإغلاق والإيقاف للعديد من المناشط والفعاليات، مما أثر من غير شك على الأداء الاقتصادي والاجتماعي للدول. كما سعت الدراسة إلى مناقشة وتحليل أهم السياسات النقدية والمالية التي لجأ إليها صُنَّاع القرار من أجل الحد من آثار تَفشي الفيروس وانتشاره. فما أهم التداعيات الاقتصادية والآثار الاجتماعية لهذه الجائحة؟ وما أهم السياسات النقدية والمالية التي اتخذتها الدول للحد من تلك التداعيات والآثار؟ وما هي انعكاسات هذه السياسات على الاقتصاد العالمي على المدى البعيد؟ وماذا يمكن للاقتصاد الإسلامي أن يُسهم في هذا المضْمار؟ هذه بعض التساؤلات التي تحاول الورقة الإجابة عنها تمهيدًا لفتح نقاش معمق لهذا الموضوع الكبير من قبل المساهمين الآخرين في هذا المنتدى. وأود التأكيد على أن الموضوع كبير ومتشعب، وأن السياسات الاقتصادية (economic policies) التي يُمكن أن تُتَّخذ أكبر من أن تنحصر في نطاق السياستين النقدية والمالية. كما أن المنهجية العلمية، والحيز المتاح لكل مُعالجة في الدَّوْريات العلمية يَقتضي الحصر والتركيز على مسائل يرى الباحث أنها ذات أهمية من وجهة نظره.

Suggested Citation

  • Ahmed Mahdi Belouafi, 2020. "Socio-Economic Implications of the Novel Corona Virus (COVID-19): An Islamic Perspective التَّدَاعيات الاقتصادية والاجتماعية لفَيروس كُورونا المُستجد (كُوفيد-19): وجهة نظر إسلامية," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 33(3), pages 43-74, October.
  • Handle: RePEc:abd:kauiea:v:33:y:2020:i:3:no:2:p:43-74
    DOI: 10.4197/Islec.33-3.2
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    More about this item

    Keywords

    Novel corona virus; COVID-19; economic implications; social distancing; monetary policy; fiscal policy; Islamic economics فيروس كُورونا المُستجد، كُوفيد-19، التداعيات الاقتصادية، التباعد الاجتماعي، السياسة النقدية، السياسة المالية، الاقتصاد الإسلامي;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • Z12 - Other Special Topics - - Cultural Economics - - - Religion

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