19 June 2022

2nd Edition of Qatar Economic Forum Discusses Equalizing Global Recovery

  • Amir

Doha, June 19 (QNA) - Under the patronage of HH the Amir Sheikh Tamim bin Hamad Al-Thani, leaders, decision-makers, businessmen and managers of major international companies will meet in Doha as part of the activities of the 2nd edition of Qatar Economic Forum, Powered by Bloomberg, which will be held from June 20-22 under the slogan "Equalizing the Global Recovery." The 2nd edition of the Forum, which will witness the participation of a number of heads of state and more than 500 business leaders around the world, as well as 75 keynote speakers.
This year's edition of the Forum sheds light on a number of global topics and issues, such as achieving equality in the long-term global economic recovery, the future of global markets and prospects for globalization, ways to support global supply chains, transformations in the energy sector and the green economy, and mechanisms to reduce carbon emissions.
The Forum will also discuss the economic strategies adopted to diversify sources of income in a way that contributes to reducing climate change, eliminating poverty, reducing inflation, protecting the environment, in addition to investment opportunities in the sports sector, preparation to host the FIFA World Cup Qatar 2022, future technology prospects, and ways to support the renaissance of the African continent in the 21st century.
Qatar Economic Forum provides an important platform to highlight the State of Qatar as a leading investment destination in the region and the world, and the incentives and investment opportunities that the State offers to investors, entrepreneurs and major international companies in the non-oil and value-added sectors, especially in areas that serve Qatar National Vision 2030 and the National Development Strategy 2018 - 2022, which aims to establish a diversified and competitive knowledge-based economy.
During the Forum, progress made in the implementation of major development projects aimed at achieving the National Vision and the achievements made in preparation for hosting the FIFA World Cup Qatar 2022 will be reviewed.
Qatar Economic Forum provides the opportunity to review the efforts of the State of Qatar to consolidate its commitment to the global multilateral trading system, enhance its economic openness and strengthen cooperation with various trading partners around the world.
CEO of Bloomberg Media Scott Havens said earlier that in light of the global economic downturn caused by the COVID-19 pandemic, world leaders must take responsibility for achieving a comprehensive and sustainable economic recovery, adding that Bloomberg Media is proud to manage this important dialogue in Doha, which brings together policy innovators, thought leaders, and industry experts to determine the course of the coming decades.
Although the Forum's first session came in complicated circumstances, as the world paid and still pays because of the effects of the COVID-19 pandemic which affected many countries' economy, the Forum this year comes in more complex circumstances if we add to the effects of COVID-19, the ongoing war in Ukraine and the direct threat to supply chains in the world, the threat of global food crisis and the rise in oil prices, in addition to the raising inflation in most countries of the world.
After countries emerged from the economic downturn caused by the pandemic, hopes for a rapid recovery seem misleading now. Several factors support this view, such as soaring inflation and the war in Ukraine, which contributed to the decline in expectations of an already fragile global economic recovery.
The second Qatar Economic Forum brings together global business leaders and heads of state to address the world's most pressing challenges from a Middle Eastern perspective. The importance of holding the forum in Doha lies in its strategic location linking Asia with Africa and beyond, as well as its position as a major international diplomatic center, the world's largest producer and export of liquefied natural gas, and the FIFA World Cup Qatar 2022.
The 1st edition of Qatar Economic Forum was held from June 21-23 last year, with the participation of more than 2500 business leaders, heads of state and policy makers from all over the world, in addition to 100 speakers, including influential voices in the fields of business, banking and economic policies, who enriched the discussion on diverse topics addressed by the Forum, such as leadership in a post-pandemic world, advance technology, sustainable world, markets and investment, energy and trade flows, changing consumer, the power of sports and a more inclusive world. 

HH the Amir Sheikh Tamim bin Hamad Al-Thani inaugurated the 1st edition of Qatar Economic Forum and delivered a speech in which he reviewed the reality of the global economy and future prospects and opportunities.
In his speech, HH the Amir stressed that the pandemic has re-posed major questions concerning the relation of modern societies to nature, the society’s expectations of the State regarding public health policies, the State’s relationship with the economy, and global cooperation in facing the challenges that cross the States’ borders, nationalities, and cultures, such as epidemics, climate change, poverty and refugee issues.
HH the Amir also addressed the efforts made by the State to confront serious repercussions of the pandemic, saying "we have issued directives for adopting a strategy based on three main axes which are protecting all members of the society by strengthening the medical sector; especially the public health sector, in addition to providing the necessary support to the economy in order to reduce the negative impacts of the pandemic, and by contributing to the international efforts against the virus by providing assistance to relevant countries and international organizations."
HH the Amir stressed that the next phase will not be easy economically and financially for any country, adding that everyone must cooperate in order to narrow the gap between the developed and the developing countries, especially in obtaining the vaccine and countering the repercussions of the pandemic. HH the Amir called upon the leaders of the world countries, especially the major industrialized countries for more cooperation, within the framework of the international system, sharing the responsibility in a manner that would pave the way for establishing an integrated global social and economic system in line with the sustainable global development goals to achieve wellbeing and stability of people.
Bloomberg founder Michael Bloomberg also spoke at the Forum, along with the Presidents of South Africa, Rwanda, Armenia, Turkey and Senegal, in addition to the Prime Ministers of the United Kingdom, Cote d'Ivoire, Bangladesh and Georgia, as well as the President of the World Trade Organization and the head of the World Health Organization.
One of the important sessions in the First Forum was the one that discussed the developments that are currently taking place in the US economy as a result of the COVID-19 crisis, which the former Secretary of the Treasury Lawrence Summers and US businessman and founder of Bridgewater Associates Ray Dalio participated in. The participants agreed that the increase in inflation rate, the lack of labor in the American market, the attempt to hastily offer bonds, and the fluctuation in the price of the dollar herald a major crisis that will not harm the United States alone, but the whole world.
The Former Secretary of the Treasury stressed the need to make major changes in the labor market in order to absorb large employment rates, raise the minimum wage, and improve working conditions, as a first step to eliminate the high rate of inflation in the economy, noting that liquidity poses a major threat to the American economy. He added that there must be a systematic program of supply and demand, while increasing tax rates and reducing cash transfer rates.
The Forum aims to prepare plans that support the growth of the global economy during the post-pandemic stage, in addition to rethink the prospects for the global economy through the perspective of the Middle East and North Africa region, and to take advantage of the current situation to create a new platform for innovation and dialogue between countries in order to chart a new path and build a better future for the next generations.
The Forum also aims to identify opportunities, provide solutions and rethink the global economic landscape from the perspective of the Middle East. This Forum comes in conjunction with the start of the world’s exit from the economic shock caused by the COVID-19 pandemic, and at a time when there is an urgent need to provide opportunities for enlightened voices to meet and draw the features of next stage, give way to innovative thinking, establish new relationships, and adopt new approaches. The Forum was a successful in providing a vital platform for holding these important discussions.
The Qatar Economic Forum aims to prepare plans that support the growth of the global economy and benefit from the strategic location of the State of Qatar, in addition to discussing ways to enhance international cooperation and communication in order to develop and support economic opportunities. It further aims to shed light on Qatar's efforts in leading economic growth, achieving comprehensive development goals, and consolidating its leading position as one of the most important investment destinations regionally and globally.
The Forum, which will rethink the global economic landscape from Middle Eastern perspective, will hold a number of sessions over three days, including a number of round tables. The speeches and discussions of the participants will deal with the most important developments and economic axes of the world today. (QNA)



General, Qatar , Reports
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