This year’s JEF — held under the theme “The Global Economy in 2020” — focused on issues that are defining and playing a role in the global economy of 2020, said Dr. Abdulaziz Sager, chairman of the JEF and chairman of the Gulf Research Center.
Sager told Arab News that the objective of the forum was to look at the shape and leading characteristics of the next phase of global growth, which will be well underway 10 years from now.
The event brought together leading decision-makers, experts, businessmen and academics to discuss the outlook for the world economy in the next 10 years in nine topics: Global Economic Governance after the Crisis; The Way Forward for Reserve Currencies; Banking and Finance: Rebuilding Faith in Financial Institutions; Energy and the Environment; Tackling Protectionism in Trade and Investment; Agriculture and Food Security; Health; Science &Technology; Education.
Sager said attention in the nine sessions that made up the forum’s program was devoted not only to topics that are currently dominating headlines but in the broader context in terms of the future development of both the global economy and Saudi Arabia in particular.
Recommendations made at the event have been divided into general ones applicable to the global economy and specific ones for the Kingdom and GCC countries.
With regards to the way forward for reserve currencies, it was recommended that the Kingdom promotes the creation of a regional Gulf common currency and maintains its peg to the US. The event also called for a multicurrency international system while maintaining the stability of the US dollar.
On the subject of banking and finance, it was recommended that the Kingdom continues its conservative monetary police, which has served it well during the global financial crisis; develops project finance capacities at domestic banks and reduces over reliance on international banks in this.
It was also suggested that the Kingdom opens up the Saudi stock market to foreign investors, increases free floats and encourages listings of companies from a wider variety of sectors.
In energy, it was recommended that the Kingdom promotes the implementation of solar energy projects in the pursuit of the vision of Saudi Arabia as an exporter of solar energy; and considers nuclear energy to reduce consumption of oil and gas.
