Experts urge Arab world’s economic transformation

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. These were some of the key topics discussed 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 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, 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 of the recommendations in the point
toward 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 topic of the Arab economy, Lohmeyer said, “Shifting the long-term growth curve requires removing unproductive barriers to intra-regional economic activity, deepening linkages to the global economy and simultaneously enabling the region to harness the emerging engines of inclusive, innovation-centered economic growth.”
“The recommendations in the report outline steps to drive this effort systematically – including through radically improving the enabling environment for entrepreneurship, deepening investment in science, technology and engineering research and development and accelerating education reform,” Lohmeyer added. To systematically enable and ignite next generation economic growth was another recommendation discussed during the launch.
“The global economy is in the midst of a fundamental transformation driven by technological innovation. So, creating job-generating economic growth will require a new approach. This is particularly true for countries dependent on hydrocarbon exports and Arab region must accelerate its investment in building the conditions for a next generation economic growth,” Lohmeyer chipped in.