The current credit crunch is expected to persist due to the impaired financial system, leading to a very weak economic recovery only in 2010, according to Nouriel Roubini, professor of Economics and International Business, Stern School of Business at New York University. The leading economist has also stated that other repercussions of the present global economic downturn, including the sharp fall in oil and energy prices will have greater ramifications on regional oil exporting countries. These topics along with many others will be discussed at the upcoming “The World in 2009 Executive Forum” at the Madinat Jumeirah in Dubai on Jan. 20, 2009, which will feature detailed discussions from innovative thinkers from business, finance and politics on the latest key trends, which are set to dominate the world in 2009. With the global economy expected to contract by 0.4 percent in 2009 - the first such shrinkage since the Second World War - the Middle East and North Africa is expected to witness a sharp slowdown in growth. Latest EIU reports indicate that Saudi Arabia's real GDP growth will slow down from a projected 6.0 percent in 2008 to 3 percent in 2009. As the global leader in business intelligence and the foremost provider of country, industry and management analysis, the Economist Intelligence Unit forecasts a weak overall performance from the region, with real GDP growth of only 2.8 percent compared with about 6 percent in 2008. With aims to discuss the state of the regional market and other pertinent global issues, “The World in 2009 Executive Forum” will feature a keynote presentation on predicted global conditions after the term of outgoing US President George W. Bush by Roubini in addition to a host of leading executives from across the region. “This is the worst financial crisis since the Great Depression and the global economy will experience its worst recession in decades in 2009,” said Prof. Roubini. “Even emerging market economies will experience a sharp slowdown of growth that will be the equivalent of a hard landing. In severe recession oil, energy and commodity prices will fall further even from current levels. Thus, oil exporting countries around the world and in the Middle East will suffer from this very sharp fall in oil and energy prices. Only very aggressive fiscal and monetary and financial policy response in the US and other countries may lead to an economic recovery in 2010, but it may still feel like a recession in 2010 even if we may be technically out of it.” “The World in 2009 Executive Forum” is set to gather prominent business, financial and political figures to identify and explore trends that will affect business strategy in 2009. Organized by Economist Conferences, with Istithmar, as the forum's lead sponsor and Qatar Airways as official airline, the event will be chaired by Daniel Franklin, executive editor of The Economist, and Robin Bew, editorial director and chief economist of the Economist Intelligence Unit. In addition, the event will also feature debates on key topics by regional executives including Ahmed Al-Khateeb, managing director and chief executive officer, Jadwa Investment; Simon Williams, chief economist, Gulf Markets, HSBC Middle East; Heinz Dollerg, executive vice-president - Asia and MENA, Allianz; and Haifa Al Kaylani, founder and chair, Arab International Women's Forum, among others. “The global financial meltdown has shaken even the strongest and most established organizations across the globe. Each and every company, sector and government are trying to assess how tough conditions will get, and when a recovery will begin,” said Robin Bew. “It is definitely an advantage to have an informed view on what to expect in the coming months, as that makes for better decision making and will help organisations limit the damage they will incur during the current financial turmoil. The ‘World in 2009 Executive Forum' is aimed at helping the region's business leaders understand better the complex nature of today's economy, thereby giving them a heads-up on the possible developments in tomorrow's financial system.” The forum will be attended by around 150 senior-level decision makers from diverse sectors such as banking and finance, manufacturing, real estate, telecommunications, energy, oil and gas, and travel and tourism. __
