DAVOS, Switzerland, 25 January 2008 — Education was the prime focus in many sessions on the second day of the World Economic Forum’s Annual Meeting here yesterday. In a session where Princess Lolwah Al-Faisal, general supervisor of the Jeddah-based Effat College, was in the chair, panelists were of the view that education must address both the basic skills — the skills required for a better life and the skills needed for dialogue with others.
During the sessions, it was revealed that about 93 million children remain out of school at primary age and almost 800 million adults cannot read or write. They said defining what it means to have a better kind of life makes it possible to define what education is about.
“But there is a common problem: We are all suffering from insecurity,” said former Iranian President Mohammed Khatami. “The media has replaced the classroom as the main delivery channel for education. Cyberspace has become the learning space.”
Earlier, in a session on Middle East, it was agreed that to sustain economic growth despite regional geopolitical conflicts, countries must improve the outlook for their youth, including education, job opportunities and social reforms.
“For the Middle East to reach its potential, political conflicts within the region and, in particular, the Palestinian issue, need to be resolved. The Palestinian issue manifests itself throughout the region, and many claim it is an impediment to economic growth,” said one panelist.
The session’s moderator, Hussain Haqqani of Boston University, said the Middle East region couldn’t be viewed as a homogeneous and uniform entity.
“Each country has its own domestic dynamics that affect the pace of its political and economic transformation. High oil prices have been the source of the boom for many countries in the region, but this cannot become an excuse for delayed economic reforms,” he said.
Another panelist said the Middle East is severely lacking in innovation and intellectual leadership. Enhancement of the private sector and education of youth may reverse this trend.
The region’s young people will be a source for economic and political change, particularly as they become more educated and interconnected with their peers worldwide.
The state of global economy remained in focus as well. The financial slide that began in the US in August with the dislocation of key credit markets and losses linked to subprime mortgages is continuing, with worrisome spin-off effects around the globe: soaring oil prices, higher commodity prices (particularly for food), a plunging US dollar and billions lost by banks.
Can emerging markets counter these effects? Can burgeoning sovereign wealth funds come to the rescue?
Participants at the brainstorming considered the issues, defined and voted on what posed the most serious threats to global economic growth in 2008, made suggestions as to how the threats could be addressed, and recommended which institutions and countries should take the lead.
“There are mind-boggling numbers going around,” said John K. Defterios, the anchor of CNN International’s “Marketplace Middle East” program.
“It looks like what we have brewing now is a perfect storm. We are in free fall, which is perhaps why the US Federal Reserve took such drastic action on Wednesday,” he added, referring to the emergency US Federal Reserve rate cut.
Abdul Aziz Al Ghurair, CEO of Mashreqbank in the United Arab Emirates, said that, economically speaking, the situation looks bright for the future of the GCC economy.
“The six Gulf countries are moving toward an open market,” he said.
“Similar to that in the EU. In the next seven years, these countries will be the fifth largest economy in the world. The UAE is experiencing phenomenal growth of up to 12 percent per year. The Gulf will play a major role in the regional and global economy.”
“Already, some of our institutions are investing in the US and China,” he added.
Elie Wiesel, a Boston University Humanities professor, paraphrased writer Albert Camus who said that when there is no hope, a reason to be hopeful should be invented. However, Wiesel questioned whether morality has made any huge steps forward in recent history and whether there is a “moral voice” to which people will listen.
“There are very few. We lag behind in the field of morality. What am I doing for the people in Darfur?” he concluded.
