Investigating the Economic Situation of Iran, Turkey, and the UAE before and after Emergence of Corona Virus Through a Comprehensive Overview of Global Economic Indicators

The role of health as a determinant component of human capital for well-being and consequently as a key factor of economic growth has been the subject of major research attention (Alsan et al., 2006). In this regard, the need for conducting scientific research to find out how all economic indicators will be impacted by COVID-19 pandemic is undeniable to be as a guideline for the governments for adjusting its policies to alleviate the economics losses of the global pandemic. In order to come up with statistically meaningful findings, E-Views software is used as the program for data analysis. The data is gathered from the World Bank database as well as Trading Economics. Three time series data developed for three separate countries during a time period between 2000 and 2019 which encompasses four indicators. Hence, totally 20 observations were used for each indicator and for every country separately in the analysis. GDP Growth (annual percentage growth rate of GDP at market prices), Inflation Rate (GDP deflator), Unemployment Rate, and Human Development Index (HDI) were our four indicators. GDP Growth was considered as dependent variable and three others are taken as independent or explanatory variables. The assumption is that GDP growth would be influenced by the changes in the independent variables. Then, for choosing country, we decided to select countries on the basis of HDI in a way that each country can be a representative country for low, medium, and high HDI group. Based on the results of the analyses, with respect to the Iran’s outcomes, HDI is the only variable that has significant effect on GDP Growth and this effect is positive as expected. With regard to the Turkey, out of three independent variables, Unemployment Rate and HDI have significant effect on GDP Growth with negative and positive impact accordingly. When it comes to the UAE, it can be seen that all three independent variables have significant effect on GDP Growth. Additionally, the investigation of economic situation of three countries reveals that those countries that have higher Human Development Index (HDI) before COVID-19 pandemic have better statistics after COVID-19 pandemic; specifically, less decrease in GDP Growth, less increase in Unemployment Rate, and less increase in Inflation Rate relative to countries with lower HDI. Thus, as expected, for the time being, UAE has the best situation relative to the other two countries.