‘The World in 2009 Executive Forum’ focuses on the implications of the global financial crisis
Event gathers over 150 senior level decision makers from global oil and gas, banking, manufacturing and real estate sectors
‘The World in 2009 Executive Forum’, a one-day conference featuring prominent business, financial and political figures, opened today (January 20, 2009) at the Madinat Jumeirah in Dubai, with the global financial crisis as its main agenda. Organised by Economist Conferences, the event attracted over 150 senior level decision makers from the oil &gas, banking and finance, manufacturing, travel and tourism, real estate, telecommunications and energy sectors. The conference was chaired by Daniel Franklin, Executive Editor of ‘The Economist’, and Robin Bew, Editorial Director and Chief Economist of the Economist Intelligence Unit, and focused on identifying and exploring trends that will affect business strategies in 2009.
With global GDP growth in purchasing power parity (PPP) terms expected to slow down to a mere 2 per cent in 2009, according to the latest reports from the Economist Intelligent Unit (EIU), the ‘World in 2009 Executive Forum’ featured a keynote presentation by Nouriel Roubini, Professor of Economics and International Business, Stern School of Business, New York University. Nicknamed ‘Dr. Doom’ for predicting the current global crisis, Prof. Roubini spoke on the predicted global conditions after the term of outgoing US President George W. Bush. A discussion on timely subjects, including ‘Implications of the financial crisis on the global economy’, ‘Predictions for the year ahead: Implications for the Gulf’ and ‘Investment strategies in the wake of the global crisis’ were among the event’s major highlights.
In what has been dubbed as the worst financial crisis since the Great Depression, the global economy is expected to experience its worst recession in decades in 2009. Roubini pointed out that even emerging market economies will experience a sharp slowdown of growth that will be the equivalent of a hard landing. Amidst the severe recession, oil, energy and commodity prices will fall further even from current levels, spelling much difficulty for oil exporting countries around the world and in the Middle East. He also added that only very aggressive fiscal and monetary and financial policy response in the US and other countries may lead to an economic recovery in 2010, but it may still feel like a recession by then even if the world may be technically out of it.
In addition, Daniel Franklin delivered ‘The Economist’s Overview: The World in 2009’, which was followed by other discussions including ‘Strategies and challenges in penetrating emerging markets’ and ‘Talent and education: the war goes on’. Delegates at the event were also treated to a discussion on ‘Competing in a globalised world: technology and innovation’, which included inputs from Nabil Habayeb, President and Chief Executive Officer of GE Middle East and Africa and Adnan Al-Sultan, Chairman of National Technology Enterprises Company.
“Anyone hoping for a period of calm after the turbulence of the past year will be disappointed. For the economy and for business, as well as for politics, 2009 promises to be a year of bracing adjustment to a changed world. The rich economies will face recession, with all that comes with it: bankruptcies, belt-tightening and rising unemployment. In the emerging world, meanwhile, growth will be less spectacular than before, but in many countries it will - with luck - remain relatively robust,” said Daniel Franklin.
Other notable speakers included Bobby Sarkar, Vice President - Equity Research, Al Mal Capital; Abdul Kadir Hussain, Chief Executive Officer, Mashreq Capital; Amir Abdulla, Chief Financial Officer, and Director, Legal and Finance Division, World Food Programme; Ahmed Al-Khateeb, Managing Director and Chief Executive Officer, Jadwa Investment; Simon Williams, Chief Economist, Gulf Markets, HSBC Middle East; Heinz Dollberg, Executive Vice-President - Asia and MENA, Allianz; and Haifa Al Kaylani, Founder and Chair, Arab International Women’s Forum, among others.
