In light of the globally outbreak of the Coronavirus crisis, the economic, health, educational, and other sectors collapsed causing great concern to major countries. So today comes the role of the private sector to support governments.
In the GCC countries, the private sector played an important role in achieving sustainable development, as it is considered the cornerstone of any intended and economic effort. Some private companies and institutions have provided facilities and donations to their governments to contribute in preserving the national economy and crossing this pandemic with the least possible losses.
The world currently is going through a critical stage which is not considered a profitable stage at all. The primary goals are to maintain survival, continuity and community interaction based on social responsibility and the concerted efforts of everyone for the future.
Despite the challenges imposed by the spread of the Coronavirus to the private sector in all countries of the world, this crisis has caused great losses to the owners of establishments and companies as a result of the stoppage of production and the subsequent repercussions in all sectors and economic activities.The global economy has entered a recession due to the pandemic. Private sector activity in the Gulf region has fallen to unexpected levels, causing negative effects on individual and corporate workers.
Here comes the principle of social responsibility; where everyone must cooperate with governments to address the repercussions of the Corona crisis, especially that there is no clear date for its end. Therefore, all sectors and companies must prepare administrative plans and policies to restore the wheel of production and economic activity.