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Today's Arab summit in Tunisia and its agenda will discuss important political and political issues, especially the convening in Tunis to assure the Arab and Muslim world of Tunisia's stability and its return to Tunisia. Arab and Islamic action in support of Arab decision-making. And, in the context of global economic conditions amidst global concerns about the possibility of facing a global recession in global markets due to differences in US-China trade, which has presented some features last week, when the stock market decline The decline in numbers due to the announcement of disappointing economic data in Europe and the United States, which has worried investors and is geared towards investment sure in alternatives to the stock markets, especially investments in gold, especially after the sharp decline of the dollar, and I am sure that this recession and these fears are due to lack of clarity The results of meetings between the two parties are ambiguous in the details of the agreement, as well as the risks of British exit from the European Union, which caused the pessim and detracted from bond yields in European banks and the United States. Government bond yields fell below treasury bills, which created 3-month rates for the first time since 2007.
Developed and emerging world equities fell by 1.5% last Friday, the worst fall of 2018, according to the MSCI World index.
In Europe, the Japanese Nikkei index recorded its largest daily decline in the last three months and, due to the deterioration of bonds and stocks, investors have turned to gold. This is the concern of the economy for the economic situation in general.
The concern of the Arab countries is growing day by day for fear of a higher unemployment rate than the currently very high rates, a high poverty rate, a growth rate economic decline and, hence, a slowdown in the sustainable development movement due to accumulated budget deficits. By imposing new taxes or increasing tax rates or reducing subsidies for certain goods and services, political conflicts and divergences in some Arab countries have slowed development and the governments of these countries are unable to rebuild and to restore what has been demolished and to cause migrants or displaced people Millions of displaced people and migrants have moved to neighboring or non-Arab countries, particularly Turkey and Europe, leaving behind social, economic and political crisis, which awaits the decisions of the Arab summit because of the difficult conditions prevailing in the Arab world. We hope that the Arab summit will lead to economic decisions that will promote the economic development of the Arab countries, especially the unemployed and the poor. I personally wish that the economic dimension of the Arab summit meetings is essential, because the situation Because the economy in the Arab world is the biggest dilemma faced by some Arab leaders. It is a serious crisis despite the presence of Arab funds, the Islamic Bank and other actors in favor of sustainable development.
Admittedly, political tensions in many Arab countries, including North Africa and West Asia, have led to the collapse and depletion of their economies. If the Arab League, represented by the Arab leaders, did not resist an emergency plan to put an end to the political tensions that led to wars between peoples after their division. The economic crisis will continue and will turn into long-awaited social crises.
That is why I look forward to developing an emergency plan to save the economies of some economically exhausted Arab countries, especially those that have emerged from internal wars. One solution might be to double the banks' capital. and Arab and Islamic development funds and finance them to enable countries to rebuild their economies.
The Kingdom of Saudi Arabia, led by the guardian of the two holy mosques, King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman, in support of the economies of the Arab countries and the poor is essential and essential, a policy led by the Kingdom for many years and has shown its concrete impact on the projects adopted Created by the Kingdom in these countries, I hope that the Summit will lead to an important economic decision that will restore the hope of the people to rebuild their economy.
I also hope that stability and security will continue in Tunisia and that green Tunisia will regain its appeal for Arab and European tourism, as in the past.
* Saudi economic writer
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