Pandemic and job cuts in Gulf
Lahore, 31st March: The pandemic has severely affected the health and economic sector globally. After the lockdowns imposed in many countries, a depression in the economical state of a nation is bound to happen.
Renowned anchor, Mubasher Lucman in his new video depicts the scenario after the pandemic ends, according to which, the economic front will take another severe turn and will go into a big depression.
As per Lucman, there is another conspiracy theory about the global lockdown which is created in order to safeguard the dipping oil market. As we all know the oil rates are at their historic low levels. The price war started when Russia and KSA locked their horns on the issue of production and prices. This situation has put a lot of pressure on oil-based economies.
Oil prices rebound, but languish near 18-year lows
Mubasher Lucman hopes that the situation is not as grim as expected but if the situation continues, a lot of businesses will shut down and a worldwide lay off would trigger high levels of unemployment putting even more pressure on underdeveloped economies.
Countries like Pakistan, India, Bangladesh, and far-eastern are heavily dependant on the developed world and the Gulf region for utilizing their labor. These overseas work permits are a big source of foreign currency influx in economies like Pakistan.
It is heard that Saudi Arab has taken a decision to lay off its expats labor force from its petroleum sector, airlines, and banks. Following the suit are other Gulf countries like the UAE, which is heavily utilizing foreign labor in their airline and retail sectors.
Coronavirus: A natural calamity or a plot?
As per reports of Mubasher Lucman, the HR departments of the major companies in Saudi Arab and UAE have started handing over termination letters to the ex-pat employees, who are the easiest target and would be axed with no hue and cry.
There is virtually no rule or right that would refrain these Gulf companies from taking this inhuman step. Expat returning home would further increase the burden for the countries and drain an income source.
The gravity of such implication is far from comprehension but surely devastating. He ends the video with the hope of a better future ahead.
