Arab world countries need major economic transformation: Experts

Ritika Sharma Emirates Business

There is nothing more imperative for Arab leaders than creating job-generating economic growth and initiating formation of an Arab
Economic Union. This thought reverberated during the launch of policy recommendations titled ‘Reconfiguring the Arab region and its global space beyond political economy and security threats’.
The recommendations were drawn from Beirut Institute Summit held in Abu Dhabi in October 2015 which was made public during a media event in the Emirates capital.
The root cause of most of the significant challenges being faced by Arab region is stagnant economic growth, points out the recommendation.
His Royal Highness Prince Turki Al Faisal, who is a leading member of Beirut Institute Board of Directors, Raghida Dergham, Beirut Institute founder and executive chairman and Rudolph Lohmeyer, director – Global Business Policy Council, AT Kearney were present at the high-profile launch event where a few of the recommendations were discussed.
His Royal Highness Prince Turki Al Faisal, leading member of Beirut Institute Board of Directors, said, “All the recommendations point towards an inspiring and achievable vision for the future of the region. We must concentrate on moving forward. The paradigms of the past are not adequate to meet the challenges we face.”
On the issue of Arab economy, Lohmeyer said, “Shifting the long-term growth curve requires removing unproductive barriers to intra-regional economic activity.