Global Growth Will Remain Slow in the Short Term - Al Attiyah

Brussels, March 22 (QNA) - HE Chairman of the Administrative Control and Transparency Authority Abdullah bin Hamad Al Attiyah said that more than five years after the outbreak of the global financial crisis indicators showed that in the short term global growth will remain slow.     He added that the attempts taken by some states to implement a number of policies to stimulate the economy in the short term and cope with the economic downturn did not help in addressing all challenges. HE Al Attiyah was speaking during a working dinner held on the sidelines of the Brussels Forum which is being held in the Kingdom of Belgium, and its participants addressed the impact of energy and climate in the formulation of the global system.      HE Chairman of the Administrative Control and Transparency Authority said despite the strong responses and exceptional measures taken by the advanced-economy governments, including the economic stimulus programs, increased public spending and injections of liquidity and lowering interest rates, high uncertainty still looms over the global economy.     Even emerging markets, which enjoyed a vibrant economies, are struggling now in order to maintain relatively high growth rates, he pointed out.      HE Al Attiyah added although the energy is necessary and indispensable for the continuous development and economic growth, in times of crisis such those we are experiencing, the energy sector, like any other economic sector, is suffering from the consequences.      Talking about the effects and changes in the global energy market, he said that investments with capital intensity in the energy industry across the world declined under the pressure of the financial restrictions, leaving profound effects on the energy sector. This affected, adjourned or canceled energy extraction projects and the development of oil and gas sector, and led to austerity measures in capital earmarked for refining and pipelines as a result of tighter restrictions on credit and lower prices.      He added that investment in energy declined and this delay would last for several years, causing severe and widespread effects on energy security and energy poverty.     He pointed out that this unprecedented phase in terms of the rapid transformations of the global economy is characterized by the emergence of big countries as new economic powers and the new global economic center with considerable impact on the energy arena.      The energy sector in North America is growing rapidly as new technologies and innovations in extracting non-conventional sources of heavy oil and shale gas put the United States on the road to energy self-sufficiency, he added. (QNA)