Page 78 - INVESTOPIA ENGLISH PR REPORT - International Part 2

3/11/24, 11:33 AM Small Business - American Press | American Press
One of the morning panel sessions considered macroeconomics in the context of where the global
economy is moving post COVID-19, how a successful COP28 is setting all countries on a sound

footing to tackle climate change, what the impact of the outcome of the U.S. Presidential election
will be; and why the global economy remains resilient to geopolitical shocks.

Under the theme New Economic Frontiers Unveiled: Navigating the Unknown, the panel
discussed factors driving the new economy sectors, markets and the role of governments and the

private sector in optimising economic growth.

Participants in this session were Dr. Mahmoud Mohieldin, Executive Director of the International
Monetary Fund; Dr. François Bourguignon, Honorary President of the Paris School of

Economics; and Dr. Nathan Sheets, Chief Economist at Citi; and John Defterios, Professor of
Business Administration at NYU Abu Dhabi.

Dr. Mohieldin highlighted the necessity of paying attention to low and middle-income countries
in a changing global economic trend and cited Africa, where the continent grew for many

countries from being a low-income region to becoming middle-income.

"Middle-income countries and the middle class populations are being squeezed, and mid-sized
enterprises do not have the same support as SMEs," Dr. Mohieldin said.

"The middle needs investment, but [the situation] is not being discussed," he added, and went
further and underlined the urgent need for investment in human capital, education and

infrastructure." Dr. Mohieldin also noted that debt and development problems remain among the
most critical issues facing the global economy and are of great concern to investors worldwide.

Dr. Bourguignon drew attention to the urgent need to take more steps to achieve carbon neutrality

to avoid the future repercussions that any additional delay in responding to climate change could
cause. He explained that the current framework in place for the manufacturing and production of
global goods needs to be replaced with a new one.

Meanwhile, Dr. Sheets expressed a more optimistic view about the global economy's health,

suggesting that an ever-advancing technology ecosystem has confronted many challenges the
world has faced in recent years.

Concerning the UAE's economy, Dr. Bourguignon said that what enables the country to face the

economic challenges the world is its flexibility and resilience.

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