This is the era of globalization, called globalization of economic affairs. Due to economic globalization, along with economic issues, political, diplomatic, education, trade and investment factors have been globalized with the same speed. For the reason why, being originated from Wuhan city of China’s Hubei province, the COVID-19 has been spread rapidly throughout the whole world; has lockdown the world’s economic, political, educational, research and all important sectors. The world economy has shaken. Mills and industries have been closed. Airlines and tourism industries have been bankrupted. Millions of service holders have been unemployed. Low income, self-employed, micro and small scale businesses, daily wages labors and illegal immigrants are suffering most. The main purpose of the study is to analyze the socio-economic impacts of the pandemic and intergovernmental initiatives to tackle it. The study is based on basically secondary sources of data and information which includes scientific and academic journals, scholar articles, research papers, books and other relevant sources pertaining to the subject. The study recommended a wide range factors mainly global integrity, cooperation and coordination which are inevitable to confront the challenges the world is currently and gone vis-a-vis with. Engaging artificial intelligence, robot and changing patterns of technologies effectively in agricultural production, industrial output, transportation, hospital, healthcare, and other critical sectors is inevitable to survive in the extremely critical time.

In this research, we aimed to model the impact of world oil prices on the gross domestic product of the United Arab Emirates (UAE). The objective of the study was to determine the transmission mechanism of the influence of the changing oil price within the macroeconomic indicators of the UAE. In this study, we analysed the impact of world oil prices and the crude oil sector on economic growth in the UAE for the period of 2001–2020 by applying ADF, OLS, ARDL, and Granger causality techniques. The results also showed the direct impact of the changes in oil prices on the GDP of the UAE in the short and long terms; in other words, a decline in oil prices could pose a threat to the economic security of the UAE in the long term if appropriate corrective measures are not taken. In order to avoid these negative consequences of the oil price crisis, in this study, we emphasize that the only alternative to exporting oil is to diversify economic sources for long-term development and increase the efficiency of non-oil sectors.