Assalamu alaikum - WEF chief warns many countries aren't ready for the next recession
Assalamu alaikum - quick read on some things from the Dubai meeting and beyond.
Borge Brende, who leads the World Economic Forum, warned that too many countries aren’t financially ready if a big economic shock hits again. He said policymakers should aim to get global growth back to about 4% on average, instead of the roughly 3% we’re seeing now.
He reminded people that economic bubbles will keep appearing and governments need to know how to handle them. A big worry is that many states already carry heavy debt and don’t have the fiscal “ammunition” to fight a recession. Brende stressed that countries need to sort out their finances now - reforms and fiscal consolidation can’t wait. He pointed out that having that fiscal headroom was crucial in getting through the 2008 crisis and the Covid shock, and that we shouldn’t be caught unprepared again, insha'Allah.
He also noted recent market jitters after comments on tariffs, which rattled investors and reopened fears about an overheated US market and an AI-driven bubble.
On technology, Brende said AI will disrupt jobs in the coming years, but people and governments will find new ways to work and other kinds of jobs will appear. He urged cooperation and creative thinking.
Ohood Al Roumi from the UAE government said countries like the UAE are trying to welcome the digital transformation while keeping people at the center. She said new generations raised with digital tech must be part of planning the future.
A few extra tidbits from the coverage:
- Scientists think there may be up to 3 million fungal species, but only about 160,000 are described - roughly 90% are unknown. Fungi play a big role in biodiversity and in storing carbon in soils.
Evening equestrian results (winners, jockeys, trainers):
- Dubai Trophy (1200m turf): Silent Speech - William Buick, trainer Charlie Appleby
- Jumeirah Derby Trial (1800m turf): Island Falcon - Frankie Dettori, trainer Saeed bin Suroor
- UAE 2000 Guineas Trial (1400m dirt): Rawy - Mickael Barzalona, trainer Salem bin Ghadayer
- Al Rashidiya (Group 2, 1800m turf): Desert Fire - Hector Crouch, trainer Saeed bin Suroor
- Al Fahidi Fort (Group 2, 1400m turf): Naval Crown - William Buick, trainer Charlie Appleby
- Dubawi Stakes (Group 3, 1200m dirt): Al Tariq - Pat Dobbs, trainer Doug Watsons
- Aliyah (2000m dirt): Dubai Icon - Patrick Cosgrave, trainer Saeed bin Suroor
May Allah grant wisdom to our leaders and protection to economies and people. Insha'Allah countries will prepare better for the next shock.
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