The article investigates economic globalization under COVID-19 and global economic policies to curb the epidemic. The authors analyze the economic policies of most countries and the mechanism to respond to the changing circumstances in light of the epidemic. COVID-19 as an epidemic that appeared in October 2019 in the Chinese city of Wuhan (and it's a new version that appeared in the United Kingdom and India in 2021) harmed the world economy, as borders between countries and even within countries were closed, which affected the economic activities of countries and among the most important indicators that affected the national product of countries, foreign trade, foreign direct investment and that unemployment rates have increased significantly both in developing and developed countries. It is also noted that the poverty rate has increased dramatically for developing countries. The article found that there are trivial linked responses from one country to another, due to several factors, the most important of which are the capabilities of countries and the health infrastructure on the one hand, and the economic factor on the other. Recommendations were developed in the research in overcoming the economic crisis through a situation that can help countries mitigate the negative economic effects of the global pandemic COVID-19.

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.

The banking system is affected by uncertainties related to the evolution of pandemic. One of the identified risks is that of a fluctuation of rates. Volatility of Interest rates is one of the major risks for the banking system. Therefore, financial engineering can be used as a very important hedging practice for banks against such a risk. The aim of this study is to develop a risk hedging mechanism to better overcome market volatility by hedging position against the exposure to interest rate risk based on credit derivatives. Therefore, this study uses Interest Rate Swaps (IRS)s to better hedge the exposure of banks to interest rate fluctuations in stress conditions giving consideration to the case study of banks in Syria in optimizing hedging practices based on Interest Rate Swaps. The aim is to use financial engineering to provide banks with a hedging technique to better absorb shocks in times of stress conditions. This has been discussed and illustrated with visual model diagrams. The case study of banks in Syria is not just the story of individual banks but a window into how to hedge the exposure of banks in stress conditions. In the end, most banking crises are quite similar. The recommendations set out in this study provide banks with an optimized hedging practice which is not part of current financial engineering at banks in Syria.