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03 October 2023

'Very weak recovery only in 2010'

By Staff Writer

The current credit crunch is expected to persist due to the impaired financial system, leading to a very weak economic recovery only in 2010, according to Nouriel Roubini, Professor of Economics and International Business, Stern School of Business at New York University.

The leading economist has also stated that other repercussions of the global economic downturn, including the sharp fall in oil and energy prices, will have greater ramifications on regional oil exporting countries.

With the global economy expected to contract by 0.4 per cent in 2009 – the first such shrinkage since the Second World War – the Middle East and North Africa is expected to witness a sharp slowdown in growth.

Latest Economist Intelligence Unit (EIU) reports indicate that the UAE economy's growth will slow down from a projected 7.7 per cent in 2008 to 1.5 per cent in 2009. As the global leader in business intelligence and the foremost provider of country, industry and management analysis, the EIU forecasts a weak overall performance from the region, with real GDP growth of only 2.8 per cent compared to about six per cent in 2008.

With the aim to discuss the state of the regional markets and other global issues, The World in 2009 Executive Forum will feature a keynote presentation on predicted global conditions after US President George W Bush by Prof Roubini in addition to leading executives from the region. The forum will gather prominent business, financial and political figures to identify and explore trends that will affect business strategy in 2009. Organised by Economist Conferences, with Istithmar as the forum's lead sponsor and Qatar Airways as official airline, the event will take place in Dubai on January 20.