Bold decisions must for global recovery: Kamal
DOHA MINISTER of Economy and Finance HE Yousef Hussain Kamal on Monday pitched for bold decisions to ensure global economic recovery.
“I am talking specifically about the fact that economic reparations will require unpopular but necessary decisions”, he told the sixth session of the 12th Doha Forum.
A good leadership that can redraw the economic map, ensure justice and rule of law as well as popular participation will all be needed to improve the global economy, he added.
He listed potential barriers and impending obstacles to global economic recovery, focusing on the eurozone crisis and its impact on the Middle East and world economies.
“Studies indicate Europe has reached a stage of ‘old age’. As many European countries have relied on debt, spending more than their capacity, this has placed a burden on the more robust economies such as Germany,” he said.
“France will increasingly face economic pressure in future on account of its continuously rising as well as shrinking proportion of people of working age in the population”, the minister noted.
Considering the European economy in its relation to that of the Middle East, Kamal pointed out that the aforementioned issues will have a big impact on regional economies, especially those of Maghreb countries, which have long-standing economic links to Europe.
“Here in the Middle East we have an everincreasing rate of unemployment, which regionally is at 22 percent. Among the other economic issues the region faces are low rates of economic development and an evermounting debt”, he said.
He also said the global food crisis was expected to worsen unless there is a revolution in agricultural production. “The Middle East should actually have a better economic relationship with emerging markets, as these markets possess the right environment for investment”, he concluded.