There is no doubt that the Corona pandemic and the subsequent drop in oil prices have led to a contraction of the economy that most countries of the world suffer from. This resulted in many economic problems that affected the individual, society, governments and economic institutions, especially the small and medium-sized ones.

Oman is one of the countries affected by this epidemic, and its effects include the following:

Taxation of employees.

Increased layoff.

Employment slowed and the number of job seekers increased.

At the same time, there is social pressure due to unemployment, as there are many challenges facing economic institutions, and the government must hold the stick in the middle in a way that is fair to all and does not affect the economic constants of the state. One of the most important of these procedures is stopping the increase in public debt or resorting to the International Monetary Fund.

Questions: (5 MARKS )

1.How do we link the concept of globalization with the economic effects resulting from the decline in oil prices? (impact of globalization)