Global experts debate on world economy at Arab Strategy Forum

Prominent regional and international experts, politicians, economists, intellectuals, and strategic analysts debated on Wednesday at the Arab Strategy Forum 2018 in Dubai to forecast the state of the world in 2019.

Speakers examined dynamic indicators that are expected to play a key role in shaping policies and affecting economies on a regional and global scale.

Speaking at a panel discussion, Jack Lew, former US Secretary of the Treasury, said: “We need to gauge where the demand for oil comes from. The structure of the oil market is changing, but global aggregate demand is the backbone of it."

In another speech, Parag Khanna, a geopolitical expert, said: "Today, the world is a geopolitical marketplace, and no single power can dictate which countries to trade or not to trade with. What matters is the services provided."

He added: "Developing cities is crucial, and the Arab world is all about cities. If we measure their success by their importance, Dubai has now become one of the world’s leading cities."

In another session earlier, Bernardino Leon, Director General of the Emirates Diplomatic Academy, stated: "The US and China are two heavyweights that will keep their battle going on but it will not escalate much more, due to the nature of global economic markets."

However, Professor Fawaz A. Gerges, Professor of International Relations at London School of Economics, said:  "The Middle East is important to the US for all the wrong reasons. A great power like the US can only play an important role in the region when it contributes more aid through structural changes."