Qatar Economic Forum/ Most Prominent Regional Platform for Embodying International Reality, Foreseeing Future

 

 

Doha, May 24 (QNA) - The State of Qatar is hosting the third edition of the Qatar Economic Forum, the most prominent regional platform to enrich dialogue on strategic issues that top the priorities of the global economy, and enhancing international economic partnerships, and strengthening bridges of communication and dialogue between different peoples, in a way that embodies the international reality and foresees the future.

This edition of the forum, which is powered by Bloomberg, addresses major axes in the economic interdependence between the countries of the Gulf Cooperation Council, India and Southeast Asia, and the impact of the relationship between these regional powers in driving global growth during the next decade, and the investment opportunities that may result from them for international companies. 

In another major axis within the forum's three-day edition, the forum discusses the best ways to manage inflation, enhance long-term productivity and economic growth, and ways to raise workers' salaries and allowances without causing a deep and long-term recession. 

It also explores the best investment strategies in emerging markets, paving the way towards the most viable growth options for investing in today's volatile global markets. 

In a third axis related to the future of globalization and global trade, this edition considers the impact of changing geopolitical interests on cross-border trade and discusses how to develop direct trade between the countries of the South in a world characterized by more assertive economic management and a move away from globalization. 

In the matter of energy transition, this edition deals with ways to direct the global green energy transition and sustainable business efforts, in the right direction by avoiding the worst scenarios of climate change, in addition to highlighting - in a separate axis, the way in which artificial intelligence, Blockchain and Metaverse will unite and other technologies to revolutionize the ways of trading, work and even in the field of games.

At the sports level, the third edition of the Qatar Economic Forum looks at ways to maximize the commercial potential of global sports while protecting the spirit of the games. 

Commenting on the importance of the current edition of the forum, CEO of Standard Chartered Bank Qatar, Muhannad Mukahall, said, in an interview with Qatar News Agency (QNA), that the Qatar Economic Forum is one of the most prominent international events through which the country aims to attract heads of government and business leaders influencers and academics to shed light on the innovations necessary to advance the global economy, forming a link between East, West and Africa. 

Mukahall indicated that the aim of organizing a third edition of the Qatar Economic Forum is to chart the course for the future stages of global economic growth, in light of the recovery in Qatari economic activity driven by several factors, including the recovery of domestic demand and the growth of private sector credit. 

He explained that this year's forum seeks to strengthen the interdependence of the international community in particular, as the 2023 edition will concentrate on topics that focus on global growth to establish a new road map for global growth, in a challenging economic environment. This comes at a time when heads of state and global business leaders are preparing to discuss a number of global challenges, pressing issues and proposed solutions to them against the background of the most important events currently taking place in the region, based on what the forum represents as a dialogue economic platform to discuss global economic and financial issues and exchange ideas, expertise and experiences among participants from different countries. The platform it provides for cooperation between companies and financial institutions in Qatar and around the world to increase trade exchange and investment and improve local economies, he added. 

In this regard, he pointed out the importance of the forum in enhancing interaction and economic integration between countries and global economic stability, as well as helping to strengthen bilateral relations and cooperation between Qatar and countries in Africa, the Middle East and Europe, which could lead to the improvement of diplomatic and economic relations between these countries. 

He stressed that this importance stems from his in-depth discussions of the situation of the global economy, which is currently witnessing many fluctuations and challenges as a result of geopolitical, financial, commercial and other factors. On the one hand, many countries are witnessing strong economic growth and an increase in the volume of international trade and investment, and this can help push the global economy forward. On the other hand, some countries face major economic challenges, such as accumulated debts, weak economic growth, and high unemployment rates. 

He believed that these fluctuations could have a significant impact on the banking industry, for example, if countries face economic difficulties, banks may face challenges in providing loans and achieving profits, and this could affect the growth of banks as well as the economy in general. 

Based on the World Economic Outlook report issued by the International Monetary Fund for the month of April, growth prospects have again become fraught with uncertainty amid financial sector turmoil, high inflation, and the ongoing effects of the Russian-Ukrainian war and the three-year COVID Pandemic, as the forecasts of the main report indicate that declining economic growth from 3.4 percent in 2022 to 2.8 percent in 2023, before settling at 3 percent in 2024. 

He pointed out that geopolitical factors related to international and financial trade, such as trade tensions between countries and changes in exchange rates, can greatly affect the banking sector, especially in emerging markets that rely heavily on foreign investments and international trade. 

However, this challenge could turn into an opportunity for the banking sector to achieve growth and expansion through more focus on innovation, technology and digital transformation, and the development of new banking products and services to meet the needs of customers considering the global economic transformations. 

About the shift in the current global economic system, he said that the final expectation of those shifts depends on many variable factors, which include, for example, developments in economic and trade policy in the world, developments in geopolitical and social events in China in particular, and changes in global commodity and currency markets. 

He believed that it is important to look at China as an essential part of the global economic system, and to identify the challenges and opportunities that may face the global economy in the future, considering the effects that resulted from the Corona pandemic and the countries engaged in a trade war that lasted for three years. (MORE)