In a study entitled “The New Global Economy”: The Council of Economic Unity makes 6 main recommendations to Arab governments to develop the economic system

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Date: 15 - 04 - 2020

Dr.. Ali Al-Khoury: Traditional planning patterns will not serve the Arab countries in achieving the desired growth rates or solving the growing unemployment problem

Abu Dhabi.. The Council of Economic Unity of the League of Arab States has published a new study entitled “The New Global Economy”, which deals with the close interrelationship between the economy, knowledge and technology.

The study confirmed that the Fourth Industrial Revolution imposed a new reality and provided unprecedented capabilities and capabilities, noting that the high speed of technological development has changed the balance of global economic power.

In this regard, Dr. said. Ali Muhammad Al-Khoury, Advisor to the Council of Arab Economic Unity of the League of Arab States, and President of the Arab Union for the Digital Economy: “Despite the huge investments in the Arab world, there is a need to link these investments with strategic national goals, and to find new and effective mechanisms to measure economic returns and social impacts.” .”

He explained that the “knowledge decline” in the Arab region has become an explicit threat to the pillars of national security, pointing out that the current traditional planning patterns will not serve the countries of the region in achieving the desired growth rates or solving the radically increasing unemployment problem, especially with the growing practices of the digital economy and the global trend for more From investing in digital knowledge and technologies to support digital economies and societies.

The study presents several recommendations for Arab governments, foremost of which is the importance of adopting joint visions and strategies for Arab economic integration, through which resources, capabilities and production capacity can be developed and used to meet the needs of Arab markets.

The study also points to the importance of investing in digital economy projects, and linking investments in digital infrastructure with strategic national goals directed to addressing challenges related to economic growth rates, employment and other national strategic goals.

The study also emphasized the need to enhance the developmental role of the private sector and its social responsibilities, especially in improving the efficiency, quality and attractiveness of local products and services, and directing the sector’s efforts to support national goals.

The recommendations also included the importance of investing in the employment of scientific and knowledge production in order to develop the economic system, in addition to supporting cooperation and mutual coordination between the Arab centers for scientific research and development, as the Arab region still lacks the “environmental system for knowledge production,” and it needs possible mechanisms to consolidate the concepts of production, modernization and development. And dissemination, transfer, localization and employment of knowledge.

Among the most important findings of the study is its affirmation of the importance of working on the development of a “new global economic system,” which can provide solutions to the dilemmas and risks surrounding the current economic system with all its schools and trends.

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