Doha - Participants in the 17th Doha Forum stressed that the global community must overcome the deflationary economic environment to build a strong global economy.
Speakers in a session entitled 'Recession of the Global Economy and Ways to Build a Strong One' said that there were a number of challenges facing the global economy. The first was the economic slowdown in the Asia Pacific region, which was an engine of growth for Emerging economies. The second was the impact of the restructuring of GCC economies. The third was the burden that refugees have on hosting nations. There were other topics discussed such as inequality, and social justice among others.
The speakers agreed that every company should develop its own economic plan rather than rely solely on the neoliberal model which has detrimental effects so far. They agreed that there also must be a balance between social factors and economic development.
Some of the speakers touched on the issue of currency manipulation conducted by some countries and the impact it has on trade. They also questioned the credibility of some of international and regional multilateral trade agreements, something that keeps the pressure on growth in trade and could threaten an economic slowdown.
They also criticized the role of international financing institutions such as the World Bank and the International Monetary Fund. They criticized the tools that those institutions rely on with the claim that it will help enhance the economic performance of member countries.
Greece's Minister of State for Foreign Affairs Georgios Katroughkalos praised the Doha Forum for the link it made between development and sustainability. He added that no country can face today's challenges on its own.
He then discussed the economic crisis that his country faced over the past seven years, as well as the refugee crisis. He said that the issues facing Greece were part of a bigger problem facing the Euro area, as the region resorted to austerity measures while completely ignoring the social impact it would have. He noted that these measures did not just lead to social tensions, but to the decline of the welfare state. (QNA)
Source: Qatar News Agency