Amman – April 3, 2023 – Economist Mohammed Anees Al-Qalam reaffirmed that the world has gone through the modern century with two economic crises, namely 2008 and 2023, the latter being the most challenging as of yet, which forced the US Federal Reserve to increase interest rates, especially since currencies are pegged to the dollar, which led to raising loan installments.
He predicted that in the event of a new economic crisis, the current or next world, especially after the collapse of several global banks, may lead to the dissolution of what he described as medium countries, where the world will be comprised of either rich or poor countries.
Anees Al Qalam presented a series of solutions for countries to face this crisis, most notably the establishment of food security programs, increasing investment, developing plans to confront the energy crisis, and improving sustainability programs for countries.
The prediction of the recession of the global economy comes after the beginning of its recovery from the repercussions of the “Corona” pandemic and the damage inflicted to the market, most notably energy and grain, in addition to the ramifications of the Russian-Ukrainian war.
There is a consensus amongst international economic institutions that the global economy is in rapid decline, for example, the World Bank’s latest Global Economic Prospects report indicates that global growth will slow sharply to 1.7% in 2023. This decline does not exclude a particular economy but includes all economies of the world, where the decline in growth will generally be sharp, with growth projections falling to 95 percent of advanced economies and about 70 percent of emerging market and developing economies.
The World Economic Forum’s report on global risks, which was based on the opinions of 1,200 experts and political actors, concluded that geostrategic conflicts and tensions have produced new and overlapping risks, and stressed that these risks, which will affect the growth of the global economy, combine immediate risks such as the crises of energy and food supply, and the cost of living, in addition to long-term risks such as those associated with climate change, biodiversity and investment in human capital.
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