Dubai: The growing econ-omic ties with emerging economies of Asia will benefit economic stability and growth prospects of Gulf economies, said financial experts speaking at the annual Standard Chartered Forum in Dubai yesterday.
"Emerging economies of the world are going through a super cycle of sustained growth over the next two decades. The Gulf region's proximity to some of these markets like India will certainly benefit the region. With India gradually opening up its economy, the Gulf countries stand to benefit the way East Asia benefited from China's growth," said Dr Gerard Lyons, Chief Economist, Standard Chartered Group.
Addressing the forum, Ahmad Humaid Al Tayer, Governor of the Dubai International Financial Centre (DIFC), said the region's proximity to some of the leading emerging markets of Asia combined with its long-standing trade relations are benefiting it economically.
Important role
"With the shift of global power to emerging markets economies, especially to those in the East, the UAE and other GCC economies have greatly benefited from their strong trade and investment links with Asia," Al Tayer said.
The 2011 Forum discussed the challenges and opportunities for emerging economies' accelerated growth in light of the Global Economic Super Cycle.
Commenting on the impact of the recent political turmoil in the Middle East and North Africa (Mena) on the regional economies, Dr Lyons said the region as a whole will have to focus on creating more jobs to mitigate the growing youth unemployment.
"Although the Mena economies can't be clubbed together as homogeneous, the region as a whole has a common problem in youth unemployment. The Gulf economies are different from the rest of the region and they will need to diversify economies to create jobs. The good thing about the GCC is that these economies have the resources to address the unemployment issue," he said.
Source: http://gulfnews.com
"Emerging economies of the world are going through a super cycle of sustained growth over the next two decades. The Gulf region's proximity to some of these markets like India will certainly benefit the region. With India gradually opening up its economy, the Gulf countries stand to benefit the way East Asia benefited from China's growth," said Dr Gerard Lyons, Chief Economist, Standard Chartered Group.
Addressing the forum, Ahmad Humaid Al Tayer, Governor of the Dubai International Financial Centre (DIFC), said the region's proximity to some of the leading emerging markets of Asia combined with its long-standing trade relations are benefiting it economically.
Important role
"With the shift of global power to emerging markets economies, especially to those in the East, the UAE and other GCC economies have greatly benefited from their strong trade and investment links with Asia," Al Tayer said.
The 2011 Forum discussed the challenges and opportunities for emerging economies' accelerated growth in light of the Global Economic Super Cycle.
Commenting on the impact of the recent political turmoil in the Middle East and North Africa (Mena) on the regional economies, Dr Lyons said the region as a whole will have to focus on creating more jobs to mitigate the growing youth unemployment.
"Although the Mena economies can't be clubbed together as homogeneous, the region as a whole has a common problem in youth unemployment. The Gulf economies are different from the rest of the region and they will need to diversify economies to create jobs. The good thing about the GCC is that these economies have the resources to address the unemployment issue," he said.
Source: http://gulfnews.com
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