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The Saudi Response to the COVID-19 Pandemic and Its Economic Implications: Entrepreneurial Threats and Opportunities

In: Entrepreneurial Connectivity

Author

Listed:
  • Sami Hamdan S. Alanzi

    (La Trobe University)

  • Vanessa Ratten

    (La Trobe University)

  • Clare D’Souza

    (La Trobe University)

  • Marthin Nanere

    (La Trobe University)

Abstract

Risk management scholars typically define risk as the consequences of uncertainty, which could hold either threat or opportunity. Based on the risk definition, this research aimed to investigate the Saudi Arabia approach in confronting the implications of the COVID-19 pandemic and its impact on the different components of the Saudi economy, such as the Gross Domestic Product (GDP), the labour market, and the business dynamics in an attempt to determine the threats and define what could be opportunities. The findings from the research indicated that the Saudi management successfully embraced the appropriate health and financial measures in facing the pandemic, which reflected in the relatively low number of confirmed cases and fatalities up to June 2021 and the fast economic recovery after the painful oil prices drop and recession in 2020. Moreover, the pandemic involved some opportunities to expedite the achievement of some objectives of the Saudi Vision 2030. Such as diversifying the GDP revenue resources, Saudisation, and boosting the electronic money transfer as an alternative to cash in commercial transactions.

Suggested Citation

  • Sami Hamdan S. Alanzi & Vanessa Ratten & Clare D’Souza & Marthin Nanere, 2021. "The Saudi Response to the COVID-19 Pandemic and Its Economic Implications: Entrepreneurial Threats and Opportunities," Springer Books, in: Vanessa Ratten (ed.), Entrepreneurial Connectivity, chapter 0, pages 97-114, Springer.
    • Handle: RePEc:spr:sprchp:978-981-16-5572-2_7
    DOI: 10.1007/978-981-16-5572-2_7
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