Financial leaders attending Euromoney Qatar Conference 2014 have stated that the global economy was being pushed off-track by a rising range of pressures that require concerted action, particularly new risks faced by oil and gas-exporting nations.
The event, being held at the Ritz-Carlton Hotel in Doha from November 24 to 25, attracted more than 700 senior finance and banking executives, as well as a range of senior speakers that outlined challenges and risks facing the national, regional, and global economies.
Subject matter experts revealed that the global economy remains unbalanced, having lost $16tn in household wealth during the 2008 economic crisis and was still seeing more than 50% of global financial transactions concentrated in a handful of financial centres, 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% in 2014, oil and gas exporting nations require “fresh thinking” and new approaches to stave off recession.
At the same time, senior Qatari leaders have outlined steps taken by Qatar to ensure on-going financial stability and position the country as a role model for sustainable development.
HE the Prime Minister Sheikh Abdullah bin Nasser bin Khalifa al-Thani also 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.
The prime minister 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.”
He noted that the government was modernising the country’s legal framework through a series of recent decrees aimed at encouraging local and global investment in Qatar and the development of the private sector.
He added, “The whole government is working in unison, following the recent directive of His Highness 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 HE the Minister of Finance Ali Sherif al-Emadi, who stressed that Qatar’s economy was being rebalanced, so that the non-energy industries, particularly the private sector, was 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,” the finance minister said.
HE the governor of Qatar Central Bank Sheikh Abdullah bin Saud al-Thani highlighted the key role played by the central banks in Qatar and across the global economy.
“Qatar Central Bank has launched initiatives to promote the effectiveness of the finance sector in developing capital markets and increasing financial stability. We have launched a strategy for the development of capital markets with other ministries, based on the Qatar National Vision 2030,” the governor said.
