scholarly journals COVID 19: GOVERNMENT RESPONSES TO OIL PRICE

2021 ◽  
Vol 3 (7) ◽  
pp. 01-19
Author(s):  
Chia-Guan Keh ◽  
Yan-Teng Tan ◽  
Siu-Eng Tang
Keyword(s):  
Global Economy ◽  
Oil And Gas ◽  
Movement Control ◽  
Oil Prices ◽  
International Travel ◽  
Closing Price ◽  
Gas Market ◽  
The Government ◽  
Control Order ◽  
The Impact

The outbreak of the coronavirus (COVID-19) has aroused global interest and it had a significant impact on the global economy. The majority of the countries have implemented lockdown regulations and social distancing policies to prevent the spread of COVID-19, which has an unprecedented impact on the oil and gas market. Hence, this scenario motivated us to study how government responses aimed at banning the spread of COVID-19 affect oil prices? To answer this question, this study examines the Movement Control Order imposed by the government to responses the oil prices in Malaysia. The study emphasizes the period from the start of January 2020 to July 2020 when the coronavirus began spreading into Malaysia. We empirically investigate the impact of government responses on both BRENT and WTI’s oil prices. The findings report that the additional one-day stay at home requirements cause a reduction of 29% and 37% in the closing price for BRENT and WTI’s oil prices respectively. Workplace closing results in a 5.7% and 14.3% reduction in the closing price for BRENT and WTI correspondingly. In contrast, international travel controls, restrictions on gatherings, and debt or contract relief for households have a positive relationship with both oil prices of BRENT and WTI. The results of this study might assist the government and investors to understand the impact of Malaysia's government responses to COVID-19 on oil prices.

scholarly journals Millions of Bangladeshi Children Missed Their Scheduled Vaccination Amidst COVID-19 Pandemic

2022 ◽  
Vol 9 ◽  
Author(s):  
Sayed Manzoor Ahmed Hanifi ◽  
Nujhat Jahan ◽  
Nazia Sultana ◽  
Sharif-Al Hasan ◽  
Ashish Paul ◽  
...  
Keyword(s):  
Movement Control ◽  
Routine Vaccination ◽  
Vaccine Preventable Diseases ◽  
Number Of Children ◽  
The Government ◽  
Two Phases ◽  
Control Order ◽  
Expanded Program On Immunization ◽  
The Impact ◽  
Depth Interviews

The Government of Bangladesh imposed a movement control order as a mass quarantine strategy to control the outbreak of coronavirus disease 2019 (COVID-19). Adherence to the home quarantine may put children at risk by missing routine vaccination. In this study, we investigated the impact of COVID-19 on child routine immunization in a rural area of Bangladesh and consider the broader implications. Data for this study comes from the Chakaria Health and Demographic Surveillance System (HDSS) of icddr,b with a population of 90,000 people residing in 16,000 households in 49 villages in a rural, coastal area of Southeast Bangladesh. We used an explanatory sequential mixed methods design which involved two phases between March 1, 2020, and May 31, 2020: first, we observed 258 outreach sessions of 86 EPI centers. We calculated the number of Expanded Program on Immunization (EPI) outreach sessions suspended and the number of children who missed their routine vaccination due to the COVID-19. We extrapolated the number of Bangladeshi children who missed their routine vaccination using Chakaria HDSS observations. Secondly, we conducted in-depth interviews to explain the quantitative results. The EPI outreach session (EOS) declined to 74.42% (95% CI 63.97–83.22), 10.45% (95% CI 5.00–18.94), and 3.45% (95% CI 1.00–9.75) from 2019 levels in March, April, and May 2020, respectively. By extrapolation, in Bangladesh, between March and May 2020, 3.2 million children missed their scheduled vaccination compared to 2019. Results from in-depth interviews showed that the unwillingness of villagers to hold EOS and the absenteeism of the vaccinators due to social distancing recommendations and lack of personal safety measures were the main reasons for the discontinuation of the EOS. Resuming EPI outreach sessions and introducing a special catch-up program is essential to prevent future outbreaks and deaths due to vaccine-preventable diseases in Bangladesh and the countries where children missed their routine vaccination due to COVID-19. This health system failure should be considered a factor in all future pandemic preparedness plans.

The Impact of Movement Control Order on Rural Livelihood in Malaysia

2021 ◽  
Vol 6 (2) ◽  
pp. 55
Author(s):  
Mohd Azren Hassan ◽  
Nur Atiqah Anuar Zabidi ◽  
Hidayati Ramli ◽  
Adam Aruldewan S. Muthuveeran ◽  
Yusfida Ayu Abdullah
Keyword(s):  
Rural Area ◽  
Rural Areas ◽  
Government Intervention ◽  
Movement Control ◽  
Financial Assets ◽  
Sustainable Livelihood ◽  
Substantial Impact ◽  
The Government ◽  
Control Order ◽  
The Impact

In 2020, the spread of Coronavirus (COVID-19) had a global impact on normal daily life. The Government of Malaysia officially declared the Movement Control Order (MCO), an official national lockdown, to reduce the virus’s spread. In the face of the unprecedented global health pandemic, Malaysia had struggled to protect its citizens’ welfare and livelihoods, particularly in the hardest-hit rural areas. Therefore, this study uses the sustainable livelihood approach (SLA) focusing on the aspect of financial assets and government intervention to enhance understanding on the vulnerability in rural area’s livelihood. Pasir Puteh, Kelantan was identified as the rural area for this study. The analysis was performed on a questionnaire survey based on convenience sampling of 62 respondents. Cross table analysis and a correlation test were used to examine the livelihood of the rural area concerning the financial assets, government intervention and vulnerability. The findings indicated that the MCO had a substantial impact on the rural area regarding the vulnerability toward the financial assets, such as employment status, job loss, increasing living costs, and an insufficient response to rural economic challenges. At the same time, there is no substantial government intervention in the welfare of rural areas. According to the results, the study concluded that the government should set up training courses to assist in the long-term recovery of rural areas due to the enforced lockdown, which has adversely affected rural livelihoods.

scholarly journals Measuring Time-Varying Effective Reproduction Numbers for COVID-19 and Their Relationship with Movement Control Order in Malaysia

2021 ◽  
Vol 18 (6) ◽  
pp. 3273 ◽  
Author(s):  
Kamarul Imran Musa ◽  
Wan Nor Arifin ◽  
Mohd Hafiz Mohd ◽  
Mohammad Subhi Jamiluddin ◽  
Noor Atinah Ahmad ◽  
...  
Keyword(s):  
Movement Control ◽  
Systems Science ◽  
Time Varying ◽  
Epidemic Curve ◽  
Johns Hopkins University ◽  
Reproduction Numbers ◽  
The Mean ◽  
The Government ◽  
Control Order ◽  
The Impact

To curb the spread of SARS-CoV-2 virus (COVID-19) in Malaysia, the government imposed a nationwide movement control order (MCO) from 18 March 2020 to 3 May 2020. It was enforced in four phases (i.e., MCO 1, MCO 2, MCO 3 and MCO 4). In this paper, we propose an initiative to assess the impact of MCO by using time-varying reproduction number (Rt). We used data from the Johns Hopkins University Centre for Systems Science and Engineering Coronavirus repository. Day 1 was taken from the first assumed local transmission of COVID-19. We estimated Rt by using the EpiEstim package and plotted the epidemic curve and Rt. Then, we extracted the mean Rt at day 1, day 5 and day 10 for all MCO phases and compared the differences. The Rt values peaked around day 43, which was shortly before the start of MCO 1. The means for Rt at day 1, day 5, and day 10 for all MCOs ranged between 0.665 and 1.147. The average Rt gradually decreased in MCO 1 and MCO 2. Although spikes in the number of confirmed cases were observed when restrictions were gradually relaxed in the later MCO phases, the situation remained under control with Rt values being stabilised to below unity level (Rt value less than one).

scholarly journals The Effect of Coronavirus Disease 2019 (Covid-19) Towards Consumer Social Well-Being in Malaysia

2020 ◽  
Vol 2 (3) ◽  
Author(s):  
Zahrul Akmal Damin ◽  
◽  
Khairunesa Isa ◽  
Nor Shela Saleh ◽  
Muhaymin Hakim Abdullah ◽  
...  
Keyword(s):  
Household Income ◽  
Good Condition ◽  
Movement Control ◽  
Well Being ◽  
Quality Of Life Scale ◽  
Life Scale ◽  
The Government ◽  
Control Order ◽  
The Impact

Responding to the unprecedented threat of Covid-19 to the life of all humanity, it were directly affect human mentally and physicaly. This outbreak consequences lead to human well-being being affected. To break this infection chain, the government has been announced to implement the Movement Control Order (MCO). This study try to identify the consumer social well-being during MCO and the impact of social well-being based on household income. A total of 340 consumers around Malaysia were randomly selected to participate in this survey. This survey used Flanagan Quality of Life Scale (1970) indicator to measure the consumer’s social well-being. The findings showed that the implementation of MCO made the aspect of consumers’ social well-being still in good condition because most respondents rated five (5) out of fifteen (15) items as mostly satisfied (scale 5) to their quality of time during the implementation of MCO. Meanwhile, household income did not affect the level of their social well-being because most of the respondents concerned more on human relationship rather than financial. Overall it can be said that human touch and the element of interaction between human have a significant impact to human social well-being.

scholarly journals Do Oil and Gas Revenues promote Economic Diversification in Qatar?

2020 ◽  
Author(s):  
Lanouar Charfeddine ◽  
Karim Barkat
Keyword(s):  
Oil And Gas ◽  
Oil Prices ◽  
Economic Diversification ◽  
Positive Role ◽  
Real Gdp ◽  
Long Run ◽  
Short Run ◽  
Asymmetric Impact ◽  
The Government ◽  
The Impact

The aim of this paper is to explore the short- and long-term asymmetric impact of oil prices shocks and oil and gas revenues changes on the total real GDP, and the level of economic diversification of the Qatar economy. To this end, two econometric approaches have been used: (1) the A-B structural vector autoregressive (AB − SVARX) model with exogenous variables where four different asymmetric oil prices and oil and gas revenues measures have been employed, and (2) the nonlinear autoregressive distributed lag (NARDL) model. The results show that, in the short-run, the responses of both total real GDP and non-oil real GDP to negative shocks on real oil prices and real oil and gas revenues are higher than the impact of positive shocks, indicating evidence for the existence of asymmetric impact of shocks in the short-run. However, the results suggest that the impact of shocks do not last more than three quarters. This evidence for the existence of asymmetric behavior is also confirmed by the NARDL analysis, which shows that, in the long run, positive oil prices shocks and oil and gas revenues changes have higher impact on the two proxies of economic activity than negative changes do. A result that confirms the resilience of the Qatar economy to negative shocks and the positive role played by the energy sector in improving the Qatar economic diversification degree. Finally, the results show that the non-oil sector is completely resilient to negative shocks in the long run as the impact of negative shocks are insignificant on the non-oil real GDP. Several policies aimed to improve the level of economic diversification of the country and delink the government revenues from oil and gas revenues are proposed and discussed.

What Does Rent Give to Federal Budget (on the Russia's Budget Dependence upon "Oil Dollars")

2004 ◽  
pp. 51-69 ◽  
Author(s):  
E. Sharipova ◽  
I. Tcherkashin
Keyword(s):  
Oil And Gas ◽  
Strong Dependence ◽  
Oil Prices ◽  
Federal Budget ◽  
Oil And Gas Industry ◽  
Gas Industry ◽  
Resource Rent ◽  
Tax Legislation ◽  
Russian Economy ◽  
The Government

Federal tax revenues from the main sectors of the Russian economy after the 1998 crisis are examined in the article. Authors present the structure of revenues from these sectors by main taxes for 1999-2003 and prospects for 2004. Emphasis is given to an increasing dependence of budget on revenues from oil and gas industries. The share of proceeds from these sectors has reached 1/3 of total federal revenues. To explain this fact world oil prices dynamics and changes in tax legislation in Russia are considered. Empirical results show strong dependence of budget revenues on oil prices. The analysis of changes in tax legislation in oil and gas industry shows that the government has managed to redistribute resource rent in favor of the state.

The Role of Oil and Gas in the Economic Development of the Global Economy

2018 ◽  
Author(s):  
Paul Stevens
Keyword(s):  
Economic Development ◽  
Global Economy ◽  
Oil And Gas ◽  
Primary Energy ◽  
Oil And Gas Producers ◽  
The Future ◽  
History Of ◽  
Factor Inputs ◽  
The Impact

This chapter is concerned with the role of oil and gas in the economic development of the global economy. It focuses on the context in which established and newer oil and gas producers in developing countries must frame their policies to optimize the benefits of such resources. It outlines a history of the issue over the last twenty-five years. It considers oil and gas as factor inputs, their role in global trade, the role of oil prices in the macroeconomy and the impact of the geopolitics of oil and gas. It then considers various conventional views of the future of oil and gas in the primary energy mix. Finally, it challenges the drivers behind these conventional views of the future with an emphasis on why they may prove to be different from what is expected and how this may change the context in which producers must frame their policy responses.

Impact of COVID-19 on FDIs, Remittances and Foreign Aids: A Case Study of Nepal

2021 ◽  
pp. 097639962097420
Author(s):  
Gaurav Bhattarai ◽  
Binita Subedi
Keyword(s):  
United Nations ◽  
Low Income ◽  
Global Economy ◽  
Grey Literature ◽  
Foreign Assistance ◽  
Foreign Direct Investments ◽  
Middle Income ◽  
Low Income Country ◽  
The Government ◽  
The Impact

The global economy has been severely paralysed, owing to the unprecedented crisis triggered by the COVID-19 pandemic, and different studies have indicated that the crisis is relatively more maleficent to the lower-income and middle-income economies. Methodologically, this study relied on the review and analysis of the grey literature, media reporting and data published by the Asian Development Bank, United Nations Conference on Trade and Development (UNCTAD), United Nations (UN), World Bank, International Monetary Fund (IMF) among others. The article begins by describing the impact of the pandemic on low-income and middle-income countries, and it discusses how they have responded to the crisis. While discussions have surfaced regarding whether COVID-19 will reverse the process of globalization, what will be its impact on the low-income country like Nepal? The study also highlights that with foreign direct investments speculated to shrink and foreign assistance and remittance taking a hit, how is Nepal struggling to keep its economy afloat? Analysing the new budget that the government unveiled in 2020, this study concludes with a note that instead of effectively implementing the plans and policies directed by the budget, Nepal is unnecessarily engaged in political mess and is needlessly being dragged into the geopolitical complications.

scholarly journals A Data Driven Change-point Epidemic Model for Assessing the Impact of Large Gathering and Subsequent Movement Control Order on COVID-19 Spread in Malaysia

2020 ◽  
Author(s):  
Sarat C. Dass ◽  
Wai M. Kwok ◽  
Gavin J. Gibson ◽  
Balvinder S. Gill ◽  
Bala M. Sundram ◽  
...  
Keyword(s):  
Change Point ◽  
Movement Control ◽  
Disease Spread ◽  
Time Period ◽  
Before And After ◽  
Quantitative Understanding ◽  
Control Order ◽  
Short Time ◽  
The Impact ◽  
Second Wave

AbstractThe second wave of COVID-19 in Malaysia is largely attributed to a mass gathering held in Sri Petaling between February 27, 2020 and March 1, 2020, which contributed to an exponential rise of COVID-19 cases in the country. Starting March 18, 2020, the Malaysian government introduced four consecutive phases of a Movement Control Order (MCO) to stem the spread of COVID-19. The MCO was implemented through various non-pharmaceutical interventions (NPIs). The reported number of cases reached its peak by the first week of April and then started to reduce, hence proving the effectiveness of the MCO. To gain a quantitative understanding of the effect of MCO on the dynamics of COVID-19, this paper develops a class of mathematical models to capture the disease spread before and after MCO implementation in Malaysia. A heterogeneous variant of the Susceptible-Exposed-Infected-Recovered (SEIR) model is developed with additional compartments for asymptomatic transmission. Further, a change-point is incorporated to model the before and after disease dynamics, and is inferred based on data. Related statistical analyses for inference are developed in a Bayesian framework and are able to provide quantitative assessments of (1) the impact of the Sri Petaling gathering, and (2) the extent of decreasing transmission during the MCO period. The analysis here also quantitatively demonstrates how quickly transmission rates fall under effective NPI implemention within a short time period.

Indonesian energy reform eyes public-private balance

2015 ◽  
Keyword(s):  
Oil And Gas ◽  
Local Level ◽  
National Level ◽  
Content Type ◽  
Resource Endowment ◽  
Gas Market ◽  
The Government ◽  
Private Investors ◽  
Energy Assets ◽  
Oil And Gas Sector

Subject Proposed reforms in the oil and gas sector. Significance In the face of strong resource nationalism, President Joko 'Jokowi' Widodo's government faces strong pressure to improve the balance between public control and private participation in the oil and gas sector. To that end, the government proposes to amend the 2001 oil and gas law. Its draft amendment proposes, most notably, that state enterprises should control all production operations, while private investors provide technology and capital. The government is also considering revisions to the upstream regime, which is currently based on production-sharing contracts (PSCs). These changes require parliamentary approval. Impacts Private firms, especially foreign ones, are likely to delay fresh investment in energy assets, given the oil and gas market glut. Indonesia's vast natural resource endowment will attract private interest, but regulatory uncertainty will be an abiding problem. Transparency in the extractive sector will continue to rise at the national level, but local level reforms will be slow.

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