scholarly journals A strategy to overcome the effect of economic recession on construction industry in Oman

2020 ◽  
Author(s):  
Yahya Khalfan Al-Tobi ◽  
Ram Kishore Manchiryal
Keyword(s):  
Construction Industry ◽  
National Income ◽  
Economic Recession ◽  
Management Style ◽  
Sultanate Of Oman ◽  
Suggested Strategy ◽  
Great Pressure ◽  
The Government ◽  
Financial Fluctuations ◽  
The Impact

Construction industry firms are affected by the financial fluctuations in the local and international markets. World countries have been exposed to many financial recessions such as the 2008 recession and the sharp decline in oil prices since 2014, which caused a major financial recession in countries that depend heavily on oil income in their economy like the Sultanate of Oman, where they constitute 70% of the national income. The research objective is to review previous literature review of some countries that have been exposed to economic recessions and how did these countries acclimatization to the recession. It will also focus on the strategies that followed by these countries to get out from the recession. Then, the research will identify the effects of the recession in the construction industry and the impact of it to the contractor in the Sultanate of Oman. Finally, a strategy will be suggested for the construction industry firm to use it through the economic recession to survive. The research methodology relies mainly on information provided by the Government of Oman through the National Center for Statistics and Information and through interviews with various construction specialists. The results show that most of the construction industry firms have been subjected to a great pressure due to the economic recession. The suggested strategy includes a procedure that assists construction firms to reduce expenses, how to bid and get new projects and create a new management style for the firm to cope with the developments and the volatility of the financial market.

scholarly journals The Impact of Tourism Development on Economic Development: The Case of Zanzibar

2021 ◽  
pp. 41-50
Author(s):  
Hafidh Ali Hafidh ◽  
Zulekha Ayoub Rashid
Keyword(s):  
Economic Development ◽  
Government Expenditure ◽  
National Income ◽  
Tourism Development ◽  
Small Island ◽  
Stable Relationship ◽  
Long Run ◽  
Study Results ◽  
The Government ◽  
The Impact

Tourism is perceived as one of the world’s fastest growing service sectors and a major source of economic development for many, if not all, developing countries. Zanzibar as a developing country and also is a small island which have small economy, its national income depend much on tourism contribution, Therefore this paper aim to examine the impact of tourisms development to the economic development of Zanzibar, using the data based on annual time series from the period 1989–2019 and also employing Vector Error Correlation Model (VECM) to arrive at conclusions from the data in the study area. The study results found a long-run stable relationship among tourism development and economic development of Zanzibar, there is a positive and significant impact that exists between GDP and international tourism arrivals, inflation and government expenditure respectively while only inflation results show positive but insignificant impact. In order to increase the economic development in Zanzibar through the tourism sector, there is a need for the government and other stakeholders of tourism to put much consideration on this sector so as to improve overall development of Zanzibar economy.

scholarly journals Review of Economic Stimulus Packages to Fight the Covid-19 Pandemic: Evidence from Malaysia

2021 ◽  
Vol 2 (5) ◽  
pp. 124-134
Author(s):  
Waqas Mehmood ◽  
Rasidah Mohd-Rashid ◽  
Attia Aman Ullah ◽  
Owais Shafique
Keyword(s):  
Public Health ◽  
Economic Recession ◽  
Mass Scale ◽  
Tourism Industry ◽  
Economic Recovery ◽  
Economic Activities ◽  
Economic Stimulus ◽  
The Government ◽  
The Impact ◽  
Malaysian Government

The purpose of this study is to describe the COVID-19 situation in Malaysia and the way the government of Malaysia manages the impact of this pandemic through economic recovery packages such as economic stimulus packages. This study focuses on the effects of the economic stimulus packages released by the government of Malaysia as a response to the economic recession triggered by COVID-19. Malaysia is one of the favourite tourist destinations, and the tourism industry generates about 5.9% of the country’s GDP. However, the lockdown imposed by the Malaysian government to combat the COVID-19 pandemic has severely affected almost every sector of the economy. The Malaysian government has taken several steps to control the spread of the pandemic, such as declaring hotspots of COVID-19, imposing lockdowns, and creating mass scale awareness through social media and TV channels. The government has also deployed several economic strategies such as economic stimulus packages to help industries and the people. This study concludes that the mitigation techniques, i.e., economic stimulus packages adopted are working properly; however, some improvements are required as these techniques are inadequate to manage the transmission capability and virulence of COVID-19. Thus, more attention is required for the revival of economic activities. This study helps to obtain an insight into the effects of economic packages and how effective these packages have been in managing the spread of the COVID-19 virus and mitigating the economic recession. It also provides an understanding of how these packages will help flatten the pandemic curve in the future. This study provides information on the current COVID-19 situation in Malaysia. It also offers information on the policies and methods used by the government to solve economic and public health issues. Further, this study lays out guidelines for policymakers and government officials for the development of more effective strategies for economic recovery and public health initiatives.

scholarly journals Overcoming the consequences of financial crisis on the example of Island and Ireland

2021 ◽  
Vol 33 (2) ◽  
pp. 55-66
Author(s):  
Katarzyna Kalinowska
Keyword(s):  
Construction Industry ◽  
National Income ◽  
Celtic Tiger ◽  
The Real Estate ◽  
Real Estate Bubble ◽  
Positive Balance ◽  
Fertile Ground ◽  
The Government ◽  
Small Economy ◽  
Green Island

Will Ireland share the fate of Iceland? Is this open, small economy with a debt-to-GDP ratio of above 130% on the verge of bankruptcy? Economists argue that if public debt is greater than national income, then smaller economies, heavily involved in the international division of labor are at risk of becoming insolvent. The bankruptcy of Ireland, whose prosperity is based on its reputation for being a good place to do business, could be a catastrophy. Contrary to the countries of southern Europe, the economy of the Green Island has never had problems with paying its liabilities and with solvency. While Greece has gone bankrupt five times since gaining independence in 1826 and Spain as many as thirteen in the past two centuries, Ireland's history in this area is impeccable (Reinhard, Rogoff, 2009, p. 3-6). Since the beginning of the 21st century Ireland's economic development has been based mainly on construction industry and not exports, as it used to be in the 1990s when the country was nicknamed the Celtic Tiger. The boom resulted in a budget surplus and a positive balance in current settlements. But it also resulted in higher prices - the Irish no longer had to accept slow wage growth to stay internationally competitive - which, combined with the low nominal interest rate of the European Central Bank, provided fertile ground for the build-up of the real estate bubble. The aim of the article is to identify the factors that led Ireland to the brink of bankruptcy and to try to answer the question whether the action of recapitalization of failing banks by the government and international financial institutions will bring the expected results in the form of healing the financial system and returning Green Island to the path of economic growth.

Implication of Industrialised Building System (IBS) : The Case of Trade Contractors in Malaysia

2018 ◽  
Vol 7 (2.29) ◽  
pp. 766 ◽  
Author(s):  
Maychuan Theong ◽  
Rosli Abd Rashid ◽  
Changsaar Chai
Keyword(s):  
Construction Industry ◽  
Success Factors ◽  
Fuzzy Theory ◽  
Construction Methods ◽  
Domestic Trade ◽  
High Investment ◽  
Investment Capital ◽  
Building System ◽  
The Government ◽  
The Impact

To further enhance the efficiency, capacity and capability of the Malaysian construction industry, the government has been aggressively championing the use of Industrialised Building System (IBS). However, several studies have pointed out that the trade contractors are very concern with the increasing use of IBS in the country because it will reduce their business opportunities.  Therefore, the research is dedicated to address issues faced by the trade contractors with the adoption of IBS. The objectives of this paper are to uncover the impact of IBS to the trade contractors and to suggest solutions to address issues faced by the trade contractors with the implementation of IBS. A fundamental of the methodology is to adopt multiple case studies approach. These projects adopted both conventional and IBS construction method. A number of 8 projects were selected. Interview sessions are conducted with trade and main contractors. Collected data is then modelled by using the combination of fuzzy theory set and simple multi-attribute rating technique. Main contractors’ input on several success factors that lead to the penetration of trade contractors in IBS is evaluated. Some degree of involvement of trade contractors in IBS projects is recommended. It is significant for the trade contractors to obtain skills for IBS approach besides their existing crafts. Furthermore, the trade contractors are suggested to register themselves as IBS components installer as this does not involve high investment capital or they can join the other companies to increase their technical and financial capacity. These findings will inform on numerous policy initiatives to manage the business sustainability of the domestic trade contractors, to improve construction methods, then to modernise and upgrade the construction industry within the country.  

Evaluate the UK Construction Project Impact and Response Strategies during the Epidemic through Malaysia and China

2020 ◽  
Vol 07 (3&4) ◽  
pp. 17-26
Author(s):  
Abdussalam Shibani ◽  
Keyword(s):  
Construction Industry ◽  
Global Economy ◽  
Construction Projects ◽  
Experimental Result ◽  
Prevention Measures ◽  
Management Measures ◽  
The Government ◽  
Under Construction ◽  
The Uk ◽  
The Impact

2020 is a special year, this year the world’s economy has become extremely unstable because of the arrival of COVID-19. Idiosyncratic shocks have hit the global economy. The stock market has suspended, companies have closed, unemployment has soared, every industry has faced the biggest crisis since the Second World War. The British construction industry is certainly no exception. This time it will be the victim of this epidemic and the financial crisis. Compared with the European and American countries, the impact of the epidemic in Asia (Malaysia and China) is relatively light. The development of the epidemic situation in these countries has been controlled relatively effectively and strictly controlled. They are inextricably linked. However, the impact of construction projects in any area under the epidemic, the countermeasures adopted by the government, the epidemic prevention measures adopted by the company and the risk prevention strategy are very different. Therefore, under different circumstances, whether it is from the construction industry managers themselves or government policymakers, it is essential to apply correct and valid management measures to face the projects under construction under the epidemic actively. Simultaneously, collect statistics from questionnaire surveys of three countries in the region, then get an experimental result. Besides, different countries have different policies and forms of epidemic development. So, this research will summarize the corresponding policies and coping strategies of the project. It based on statistics of Malaysia and Chinese construction Projects, surveys for five projects to make comparisons than do statistics to the survey result.

scholarly journals THE IMPACT OF MACROECONOMIC POLICY ON ECONOMIC GROWTH IN SUB-SAHARA AFRICAN COUNTRIES

2021 ◽  
Author(s):  
Ayana Workneh
Keyword(s):  
Economic Growth ◽  
Monetary Policy ◽  
Fiscal Policy ◽  
National Income ◽  
Policy Coordination ◽  
Gross National Income ◽  
African Countries ◽  
The Government ◽  
The Impact ◽  
Panel Vector Autoregression

The prime purpose of this article was to investigate the monetary and fiscal policy interaction and their impact on economic growth in a panel of 35 sub-Saharan African economies from 1980 to 2018. To achieve this objective, the study employs a Panel Vector Autoregression (PVAR) estimation technique. Using a PVAR approach, we show that an expansionary fiscal policy through tax revenue and an unexpected expansionary monetary policy via broad money supply have a positive effect on gross national income, whereas an expansionary fiscal policy through the government spending have a contractionary impact on gross national income. We also find that an unexpected expansionary monetary policy via real exchange rate has no effect on gross national income. Finally, we show evidence that there is a negative and significant relationship between fiscal policy and monetary policy and thus supporting the need of policy coordination between fiscal and monetary policies. Therefore, to have continuous and sustainable economic growth, the coordination of monetary and fiscal policies is vital, and the lack of this coordination leads to a sharp downturn of overall economic performance, even can hurt the economy The empirical results also show that the variation in gross national income is more explained by fiscal policy variables than monetary policy variables which show fiscal policy is more effective than monetary policy in influencing gross national income.

Modelling the impact of the COVID-19 pandemic on South African livelihoods

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Benjamin Aye Simon ◽  
Isaac Khambule
Keyword(s):  
South African ◽  
Low Income ◽  
Developing Economies ◽  
National Income ◽  
Secondary Data ◽  
Content Type ◽  
Black African ◽  
The Government ◽  
The Impact ◽  
Low Income Households

PurposeThe coronavirus disease 2019 (COVID-19)-induced declining economic prospects and accompanying economic shocks present socioeconomic vulnerabilities for developing economies at the tranches of poverty, unemployment and minimal social security. South Africa is one of the countries that have the most precarious societies in developing nations due to the triple challenges of unemployment, poverty and inequality. As such, this paper investigates the impact of the pandemic on South African livelihoods.Design/methodology/approachThis paper uses secondary data obtained from the National Income Dynamics Study – Coronavirus Rapid Mobile Survey (NIDS-CRAM) Wave 1 dataset to analyse the impact of COVID-19 on South African livelihoods.FindingsThe findings reveal that COVID-19 amplified the country's poor and vulnerable population's socioeconomic conditions because of the stringent Level 5 lockdown regulations that barred low-income households from making a livelihood. It further revealed that low-income households, who are the least educated, Black African, female and marginalized, were disproportionally socioeconomically affected by losing the main household income.Research limitations/implicationsThe research is limited in that it used secondary quantitative data that relied on a telephonic survey during the COVID-19 lockdown period.Practical implicationsThis study offers a policy suggestion that increasing social grants during the pandemic will not have any significant impact on the livelihoods of many South Africans unless distributional inequalities are reduced.Social implicationsThe government needs to develop welfarist policies to protect the most vulnerable in society to limit the socioeconomic impact of pandemics and take proactive policy measures to reduce unemployment and income inequalities in the country.Originality/valueThe paper contributes to understanding the precarious nature of low-income households.

Impact of COVID-19 on project performance in the UAE construction industry

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Muhammad Sami Ur Rehman ◽  
Muhammad Tariq Shafiq ◽  
Muneeb Afzal
Keyword(s):  
Construction Industry ◽  
Construction Projects ◽  
Construction Project ◽  
Health And Safety ◽  
Project Performance ◽  
Content Type ◽  
Government Institutions ◽  
Depth Analysis ◽  
The Government ◽  
The Impact

Purpose The coronavirus disease 2019 (COVID-19) pandemic has affected the global economy and, thus, the global construction industry. This paper aims to study the impact of COVID-19 on construction project performance in the United Arab Emirates (UAE). Design/methodology/approach This study adopted a qualitative and exploratory approach to investigate the impact of COVID-19 and its policies on project performance in the UAE construction industry in critical areas of the project management body of knowledge (e.g. schedule, cost, resources and contracts). Semi-structured interview questions were asked from ten construction professional to obtain valuable insights into the pandemic’s effects on the UAE construction industry and the effectiveness of policies implemented to rectify the damage and identify the industry’s new normal. Findings The findings indicate that the construction industry faced several challenges such as schedule delays, disrupted cashflows, delayed permits, approvals and inspections, travel restrictions, serious health and safety concerns, material and equipment shortages, among others which hindered the timely delivery of construction projects. It also indicates that efforts made by the government institutions and the construction industry of the UAE such as economic support programs, digitization of processes, fee and fine waivers, health facilities, among other statutory relaxations proved effective in supporting the construction industry against the adverse effects of the pandemic. Research limitations/implications The research findings are limited to the literature review and ten semi-structured interviews seeking an expert’s opinion from industry professionals working in the UAE construction industry. The research team did not get access to project documents, contracts and project progress reports which may be required to validate the interview findings, and to perform an in-depth analysis quantifying the impact of COVID 19 on construction projects performance, which is a limitation of this research. Practical implications The implication is that, owing to the imposed lockdowns and strict precautionary measures to curb the rapid spread of the pandemic, smooth execution of the construction project across the country was affected. The government institutions and stakeholders of the construction projects introduced and implemented various techniques and solutions which effectively handled the implications of the COVID-19 pandemic on the construction industry of the UAE. Originality/value This study has identified the challenges faced by the construction industry of the UAE in the context of the management of project schedule, project cost, construction contracts, health and safety of construction employees and other related aspects of the construction projects. This study also identified the techniques and solutions adopted by various public and private institutions of the country and their implications on construction projects. Therefore, this study provides guidelines for policymakers and future research studies alike.

THE DEVELOPMENT OF ANATOMY OF CONSTRUCTION DISPUTE

2016 ◽  
Vol 3 (2) ◽  
Author(s):  
Felix Hidayat ◽  
Biemo W. Soemardi
Keyword(s):  
Dispute Resolution ◽  
Construction Industry ◽  
Construction Sector ◽  
Factors Affecting ◽  
Construction Market ◽  
Construction Disputes ◽  
Infrastructure System ◽  
The Government ◽  
Dispute Resolution Mechanism ◽  
The Impact

The advancement of the construction industry in Indonesia is often not accompanied with adequate infrastructure system, especially in terms of regulations and legal system. The enactment of Law no 80–1999 has contributed to the expansion of construction market by allowing the private sector, including those from overseas, to play bigger roles in the industry. Although strongly acknowledged by stakeholders in the industry, the progress made by the government and the practitioner in the industry to response to the needs for more appropriate actions to cope with this ever increasingly complex system has been very slow. The dynamic of the construction industry in the region has changed the formerly rigid government-dominated construction sector to become an intricate one. The impact of such dynamic in the industry has been apparent. In particular, construction disputes have been experiencing changing in the dynamic of the way the disputes were handled; from the traditional litigation approach toward modern alternative dispute resolution mechanism. While litigation remains the dominant construction dispute resolution mechanism, nonlitigation approaches such as arbitration and dispute review board are beginning to gain recognition in industry. This paper presents a study on the development of anatomy of construction dispute in Indonesia, which will serve as a framework for analyzing the dynamic of construction disputes in Indonesia. Such a framework will help to identify factors affecting construction dispute mechanism, from the initiation of disputes to the resolution. The anatomy is developed based on analysis of construction dispute cases that have been recorded in judicial courts as well as from Indonesian Arbitration Board.

From Corporatism to Dualism? Thatcherism and the Climacteric of British Trade Unions in the 1980s

1988 ◽  
Vol 36 (3) ◽  
pp. 413-432 ◽  
Author(s):  
Frank H. Longstreth
Keyword(s):  
Trade Unions ◽  
Industrial Relations ◽  
Economic Recession ◽  
Government Policies ◽  
Future Prospects ◽  
Government Relations ◽  
British Trade ◽  
The Government ◽  
The Impact ◽  
Close Investigation

This article examines the impact on British trade unions of the break in relations with the government, the economic recession and labour market developments in the 1980s. The shift towards a programme of ‘labour exclusion’ is related to specific policies designed to weaken trade unions and liberalize labour markets. A close investigation of data on union organization and activity indicates that, despite evident reversals, a full-scale de-institutionalization of industrial relations is not occurring. However, the links between government policies and longer-term socioeconomic trends pose severe challenges for union revival. The article concludes with some considerations on the future prospects of union-government relations.

Sign in / Sign up

Export Citation Format

Share Document