UAE economy minister warns of economic risks of a fragmented world
Al Marri also stressed on the importance of a booming economy for job creation
Dubai: Countries need collective investments across several initiatives to mitigate the risks and chaos that befell them every six months, and constant dialogue is key for this, said Abdulla bin Touq Al Marri, UAE Minister of Economy.
Speaking on the sidelines of the second day of the World Government Summit in Dubai, the minister emphasised that the UAE, as a MENA region hub, seeks open dialogue with all partners.
Al Marri highlighted how the UAE was quick to navigate the headwinds and keep the economy on track in the aftermath of the pandemic and the high oil prices, rising interest rates and geopolitical war that followed in quick succession.
“The bottom line is, give the economy a break, let’s have dialogue, let’s come back to the multilaterals and really have a dialogue of this fragmentation,” he said. “Because we enjoyed three decades of seamless trade and globalisation, access to markets, and woke up one day to a multipolar world.”
Al Marri warned that the world would see more fragmentation and reduced access to markets, with countries putting their national priorities first and focusing on building industrial policies. This, he said, would cause the fragmentation of the world order.
Kristalina Georgieva, Managing Director of the International Monetary Fund, echoed Al Marri’s statements, adding that the world economy tripled in the past three decades with a peace dividend that benefited most emerging markets and developing economies. However, she warned that without resistance to the forces of fragmentation, and a way forward for pragmatic collaboration, the world would be less safe and poorer.
Al Marri emphasised the importance of the economy for the youth, stating that job creation is the most critical aspect. He highlighted that the MENA region has the highest unemployed youth in the region, and how economic growth leads to job creation.
The UAE, with its strategic location, has become a hub for businesses, and Al Marri noted that it is essential to look at how the UAE looks for open dialogue with the world, with policies respecting the UN framework, people, and government sovereignty.