Two experts warn of the possibility of a global economic crisis in 2019

The global economic challenges are showing signs of stagnation next year, with the possibility of a global financial crisis similar to what happened in 2008. The repercussions of a new global financial crisis, if it happens, will be harder for economies and individuals, economists and former ministers in Egypt and Lebanon said. Of the 2008 crisis.

"The success of the sustainable development programs announced by the Gulf states and the successful completion of the 2030 process require not only a vision, but also the application of strategies, especially for the benefit of human capital and infrastructure. "The repercussions of a new global financial crisis will be more difficult for economies and individuals than the 2008 crisis," said former World Bank Vice President Dr. Mahmoud Mohieldin. "The world is going through a less cooperative period at the international level in 2008 , As the collective desire to contain any global crisis falls below 2008, saying the conditions of international cooperation to contain any crisis is bad.

He called for increased investment in human capital, which would prevent fluctuations and risks.

He stressed that the success of the sustainable development programs announced by the Gulf countries and the successful completion of the 2030 process require not only a vision but also the implementation of strategies, especially for the benefit of human capital and infrastructure, pointing out that investment in risk avoidance is completely absent in the Arab countries.

"Oil prices are the main driver of economic growth and economic reforms in all Arab countries, despite the efforts of economic diversification in a limited number of countries, especially the UAE," Mohieldin said during a meeting of the Arab economic situation.

He said the International Monetary Fund expected oil prices to range between $ 69 and $ 74 a barrel and that Arab economies would grow by 2 percent next year, compared with 3 percent for the Gulf states and 5.6 percent for Egypt. In the face of youth unemployment rates.

For his part, the former Lebanese Minister of Economy and Trade, Dr. Nasser Saidi, predicted that the world economy will witness an economic recession during the next year because of the global oil market, the possibility of a global financial crisis similar to what happened in 2008, and the economic war between the United States and China, Not commercial, but the future of the global economy, which will lead to a slowdown in the global economy in 2019.

Saidi said that America and China are the two most important drivers of the global economy and the two sides are entering into a conflict that affects the global economy, especially since the war is a comprehensive economic. Saidi said that Dubai is a pioneer. It is difficult to replicate Dubai's experience in other cities in different countries. And that these cities are linked to the economies of the region and abroad, which has succeeded in Dubai.

Oil prices

The former minister of economy and trade, Dr. Nasser Saidi, said that oil prices will not return to the levels of 100 and 120 dollars per barrel, calling on the Gulf countries to adjust the plans for economic diversification, so that the contribution of oil to GDP less than 30%, and seek to diversify sources of income "He added that the GCC countries are keen to sign new trade agreements with Asian countries, especially China and India.