Doha – The cooperation and solidarity of the world’s rich and poor countries among themselves is the only way to advance the global economy, which is facing a difficult situation since the beginning of the Corona pandemic; This is the most prominent agreement agreed upon by the participants in the opening session of the Qatar Economic Forum, which is held via video communication technology, and will last for 3 days, under the slogan “Reimagining the World”.
The participants in the opening session of the forum – which is held in cooperation with Bloomberg – noted the importance of achieving justice with regard to the provision of coronavirus vaccines between countries, in order to overcome the epidemic and end measures that affect the economy and the movement of trade between countries. Read also The Emir of Qatar at the Saint Peters burg Forum: Our gas production will increase by 40% by 2026 Report: $144 billion Islamic finance assets in Qatar Qatar Petroleum wins exploration contract for two offshore blocks in Suriname Experts: Qatar Economic Forum is a new global platform for exchanging ideas and solutions
The first edition of the forum, which started on Monday and will last for 3 days, will be attended by many heads of state and government, including Ghanaian President Nana Akufo, British Prime Minister Boris Johnson, Rwandan President Paul Kagame, South African President Cyril Ramaphosa, and Senegalese President Macky Sall. , Armenian President Armen Sarkissian, as well as more than 100 speakers from all over the world.
The forum hosts a global elite of more than 2,000 CEOs, inspirational figures and decision-makers in the fields of finance, economics, investment, technology, energy, education, sports and climate.
Africa and Corona
The President of South Africa stressed during the session that the state of recovery witnessed by a number of African countries during the past years is currently declining due to the Corona pandemic, stressing that the African continent needs urgent help, especially those countries that live in difficult conditions, and their economies cannot withstand the repercussions of the epidemic. .
Ramaphosa pointed out that Africa needs about $400 billion to support its economy, adding that in the event that major countries and international bodies cancel parts of their debts owed by Africa, in addition to providing grants and loans and supporting infrastructure projects; The African continent can stand on its own two feet.
He also pointed out that the major economies in the world have a special responsibility towards the continent of Africa, which suffers greatly from the effects of climate change caused by the developed countries, calling on these countries to fulfill the promises they made to solve the problem of climate change, and to hasten to find an approach to the climate change crisis. Especially since there are many African countries that are experiencing destructive effects as a result of this crisis.
In his speech, the President of South Africa touched on the refusal of some international entities and companies to give up patents for the production of Corona vaccines, considering that this rejection is a kind of “unfairness” and injustice, especially for poor countries that are greatly affected by the Corona pandemic.
As for the President of the Republic of Armenia, he called for the need to implement rapid economic reforms, and to start using technology and artificial intelligence in order to contribute to the development of his country.
He added, “We harness all Armenian competencies and capabilities for the development, development and renaissance of our country, especially in light of the difficult economic conditions the world is witnessing as a result of the Corona pandemic,” stressing that Armenian competencies should be used abroad in order to support and advance their country’s economy at various levels.
During the session, the Armenian President touched on the conflict between his country and Azerbaijan, and stressed that the page of the past should be turned and any new war in the Caucasus should be avoided, considering that the conflict between the two countries should have been resolved through dialogue and negotiation as the greatest weapon in the hands of humanity, and that the failure to resolve the conflict between The two countries through dialogue is a failure for Armenia and Azerbaijan, and also a failure for the international community.
An unprecedented crisis
As for the Indian investor and head of “Reliance Industries Ltd.” Mukesh Ambani, he explained that the Corona pandemic had created an unprecedented crisis globally, especially in the economic field, stressing that despite this crisis, “we have seen unprecedented solidarity from peoples among themselves in order to provide assistance,” pointing out The State of Qatar was the best example of this when it took the initiative to provide medical and relief aid to his country.
He stressed that the current stage in the global economy requires solidarity and cooperation so that this crisis can be overcome, calling for the need to end the controversy over the provision of Corona vaccines, and to help poor countries in order to return the economy and resume growth.
With regard to digital technology, Imbani stressed that the gap between countries in which dependence on technology varies, pointing to its importance in remote work, education and others, and that this new trend towards relying on technology will ensure the provision of quality health and educational services.
US economy
Also during the forum, a session was held that discussed the developments currently taking place in the American economy as a result of the Corona crisis, in which former US Treasury Secretary Lawrence Summers, American businessman and founder of Bridge water Associates Ray Dalio participated, and the participants agreed that the high rate of inflation and underemployment in The American market and its attempt to offer bonds at an accelerating pace, and the fluctuation in the price of the dollar; It portends a major crisis that will not only affect the United States, but the entire world.
In his intervention, the former Treasury Secretary called for the need to make major changes in the labor market in order to absorb large employment rates, while raising the minimum wage and improving 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, There must be a systematic program of supply and demand, increasing tax rates and reducing cash transfer rates.
As for Dalio, he stressed that the demand for buying US bonds in light of the lack of sufficient demand in the rest of the world makes the Federal Reserve unable to recover and raise interest rates, and this is a very worrying financial issue.
Dalio considered a major threat to the value of the dollar; This affects all countries of the world, in addition to the fact that the increase in interest rates will have a negative impact on the economy and the market, calling on the Federal Reserve to buy a lot of bonds to prevent lower interest.