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Globalization Under Threat: IGCF 2023 Panel Stresses Unified Efforts to Combat Inflation

EconomyGlobalization Under Threat: IGCF 2023 Panel Stresses Unified Efforts to Combat Inflation

Sharjah, September 14, 2023 – The 12th International Government Communication Forum (IGCF 2023), hosted by the Sharjah Government Media Bureau , has sounded the alarm on the rising menace of inflation in a world grappling with economic challenges. Themed “Today’s Resources.. Tomorrow’s Wealth,” the forum brought together a distinguished panel of experts to discuss the far-reaching impacts of inflation on individuals, investors, corporations, and governments globally, emphasizing the critical role of government communication in mitigating its effects.

The spotlight was on the panel discussion titled ‘Economic Challenges: The Elephant in the Room,’ which featured prominent figures in the field. The panel was composed of David Daouki Li, a Professor of Economics at China’s Tsinghua University; Dr. Raja Al Marzouqi, the GCC Chief Negotiator for Free Trade Agreement (FTA) Negotiations from Saudi Arabia; and Prof. Dr. Fan Gang, a distinguished Professor of Economics at Peking University and President of the China Development Institute. Moderating the session was Abdullah Al Mudaifer, a prominent Saudi TV presenter.

During this session, the experts delved into the impact of inflation on various sectors of the economy, examining its ramifications for everyday people, investment strategies, corporate decision-making, and government policies on a global scale. They emphasized the crucial role that government communication plays in addressing the challenges posed by inflation.

Amidst the discussions, the panel also raised concerns about the future of globalization, a force that has shaped and interconnected the world’s economies, significantly increasing global per capita income. However, globalization now faces a growing threat in the form of protectionism, brought on by declining economic growth, looming recessionary signs, and inflationary pressures stemming from global geopolitical events and intense trade competition among nations.

Professor David Daouki Li offered a unique perspective, highlighting China’s distinctive experience in economic management. While much of the world grappled with inflation, China’s journey was marked by deflation. Prof. Li stressed the pivotal role of government communication in effectively managing inflation. He pointed out that governments have the potential to mitigate inflation by providing support to affected households and families and by fostering improved international trade relations.

As the panelists shared their insights and expertise, it became evident that addressing the twin challenges of inflation and the uncertain fate of globalization would require unified and innovative efforts. The IGCF 2023 served as a platform where leading minds converged to chart a course toward economic stability and prosperity for nations worldwide.

Vinod Kumar (UAE)

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