Finding real ways to boost the economy
Boosting economies cannot be done by bringing recommendations and solutions to the forefront; however, the commitments and implementation of these outcomes is what matters, Juma Al Majid, Chairman of Dubai Economic Council, told media on the sidelines of the Summit on Global Agenda.
He said: “We always talk and there is no walk. It is not enough to come out with a solution that can’t be applicable in any economy.”
“To achieve economic growth, the summit platform should play an essential role in helping leaders, experts and businesses to understand and shape the future.” “However, raising debates, exchanging ideas, developing strategies or even bringing solutions will not shape the future economy. We have to engage and deploy these experienced and enlightened experts in every field that lead to concrete action through projects or initiatives.”
He also remarked that the discussions in Dubai serve as a backdrop for preparing a concrete strategy for positive change taking place around the globe. Moreover, Al Majid criticised the countries that are still suffering from the global economic crisis and said itis because of the dominance of politics on economics.
“Politicalisation of the economy is dangerous,” Al Majid said. “Economy should not be controlled by political decisions.” Al Majid attributed the European crisis to wrong politics. “The steps that EU have taken are slow and build on political decisions which makes decisions not effective enough.
“The economy should be built on solid, clear fundamentals which requires harnessing the resilient dynamic business components by activating most of the business sectors — banking, finance, education, health and so on.”
This in turns will create a sustainable and sound economy, he added. “Today, our main challenge is to create new, dynamic and vibrant economy according to new set of rules and solutions needed to meet changing demands across the world.