26/11/2014 06:44 AST
The global economy is being pushed off-track by a rising range of pressures that require concerted action, and oil and gas-exporting nations in particular face new risks, according to global financial leaders attending a major event here in Doha on Monday (Oct. 24).
More than 700 senior finance and banking executives – a new record – attended The Euromoney Qatar Conference 2014 this year, and heard a range of senior speakers outline the challenges and risks facing the national, regional and global economies.
Globally, the world economy is still unbalanced, having lost $16 trillion in household wealth during the 2008 economic crisis and still seeing more than 50 percent of global financial transactions concentrated in a small handful of financial centers, such as New York, London and Tokyo.
The economy of the MENA region may be compromised by the fall in the price of key asset prices. With the price of oil dropping more than 30 percent in 2014, oil and gas exporting nations require fresh thinking and new approaches to stave off recession.
Senior Qatari leaders took to the stage to outline the positive steps taken by Qatar to ensure ongoing financial stability and position the country as a role model for sustainable development.
Abdullah bin Nasser bin Khalifa Al-Thani, Prime Minister, State of Qatar, delivered the official address. He outlined Qatar’s success in building infrastructure assets that support all sectors, as well as investing in the development of the citizen, through initiatives that support education, health and transformation of the economy.
He said: “We are supporting the sustainable growth of Qatar’s economy through major development projects, including those that will support our hosting of the FIFA World Cup in 2022 and the Qatar National Vision 2030. Importantly, we are modernizing our legal framework through a series of recent decrees that will encourage local and global investment in Qatar, and the development of the private sector.”
“The whole government is working in unison, following the recent directive of The Emir that all government departments should review and revise current policies that could encourage investment and boost economic activity.”
The Prime Minister’s remarks were reinforced by Ali Shareef Al-Emadi, Minister of Finance, State of Qatar, who stressed that Qatar’s economy is being rebalanced, so that the non-energy industries – and the private sector in particular – is set to play a growing role in the coming years.
“Financial stability is a top priority and at the heart of the Qatar National Vision 2030. We are investing in major projects in education, health and transport infrastructure and managing the development process so that they are rolled-out in harmony, limiting logistical issues and delivering for the benefit of the people of Qatar. We have develop a progressive, reliable regulatory and legal framework to provide a solid foundation for our development strategy,” said Ali Shareef Al-Emadi. Sheikh Abdullah bin Saoud Al Thani, Governor of the Qatar Central Bank, highlighted the key role played by central banks in Qatar and across the global economy. As part of his comments, he noted that the work of central banks had become both more important and more complex since the financial crisis, both in Qatar and around the world.
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