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5/10/24, 8:32 AM Summit discusses prospects of economic growth in Mena region - GulfToday
visa and residency systems, and the introduction of self-employment and long-
term residency pathways, which contribute to strengthening the country’s ability
to confront global economic changes. They also contribute to consolidating its
position as a leading destination for business and investment.” Bin Touq
pointed out that the summit serves as a key platform to shed light on the most
prominent shifts in the global economic dynamics, and how to benefit from
them in promoting sustainable economic growth at the local, regional and
international levels, especially since the global economy is going through a
state of uncertainty.

Roberta Gatti Chief Economist to the Mena region, The World Bank, said, “The
Mena region is returning to its pre-pandemic trend of low growth, in the context
of a global economy that is decelerating for the third consecutive year. Mena’s
gross domestic product (GDP) is forecast to rise to 2.7 per cent in 2024, which
is a tepid increase from 1.9 per cent in 2023. This outlook is marked by
uncertainty, amidst the conflict in the region and rising levels of debt. In
addition, rising debt is heavily concentrated in oil-importing economies, which
now have a debt-to-GDP ratio 50 per cent higher than the global average of
emerging markets and developing economies. Oil importers in Mena are
borrowing against an uncertain future. In the past decade, they have not been
able to grow or even inflate their way out of debt, stressing the need for fiscal
discipline and debt transparency, when debt stocks increase due to below-the-
line spending. For oil exporters, the challenge is one of economic and fiscal-
revenue diversification. This is because of the structural change in global oil
markets and the rising demand for renewable sources of energy.” In the first
panel discussion, ‘Economic Frontiers: Navigating the Global Landscape in
2024 and Beyond’, speakers included Dr. Mahmoud Mohieldin, UN Special
Envoy on Financing the 2030 Agenda for Sustainable Development and
Executive Director, International Monetary Fund; Chris Williamson, Chief
Business Economist at Standard & Poor’s Markets Intelligence; and Andrew
Torre, Regional President of Visa for the Central and Eastern Europe, Middle
East and Africa region.

The session was moderated by Ziad Daoud, Chief Emerging Markets
Economist, Bloomberg Economics, and highlighted the importance of strategic
economic diversification, innovation ecosystems and the role of foreign
investments. It also discussed emerging industries, investment opportunities,
and the role of the Middle East in the rapidly evolving international business
environment.

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