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Abu-Ghazaleh: The Arab Countries’ Only Way Out of the Economic Crisis is Self-sufficiency Strategy

26-Jul-2020 | Source : AG-IP News | Visits : 1852
Abu-Ghazaleh: The Arab Countries’ Only Way Out of the Economic Crisis is Self-sufficiency Strategy

Special to AG-IP News Agency 

DOHA – The Qatar Association of Certified Public Accountants (QCPA) hosted HE Dr. Talal Abu-Ghazaleh in the first episode of an economic dialogue program entitled ‘Al Nafitha’ (the Window), through live streaming on its QCPA YouTube Channel and other social media platforms. 

During the program, Dr. Abu-Ghazaleh stated that he has previously anticipated the economic crisis that the whole world is suffering from today, pointing out that the spread of Coronavirus (COVID-19) accelerated its occurrence. He called therefore for taking the necessary measures to get out of this crisis and to stop complaining.

Furthermore, Dr. Abu-Ghazaleh predicted a decline in global economic growth to a sub-zero level at different rates in different countries including the United States, China and member states of the European Union. He also stressed that the only way to reach a solution for this global crisis is a joint leadership of a New World Order by the two superpowers the US and China.  

Dr. Abu-Ghazaleh also clarified that the only way for the Arab countries to get out of the economic crisis is to set a plan for ‘Self-sufficiency’ to meet all their basic needs especially in food, medicine and education to help increase gross domestic product (GDP) and keep these countries away from political changes and instabilities. 

Moreover, Dr. Abu-Ghazaleh underlined the role of professional accountants in overcoming the crisis by offering additional services --apart from preparing financial statements-- such as business rationalization consulting, merger of institutions to save them from bankruptcy, preparation of restructuring studies in addition to developing studies on services for entering new markets. 

During the program, Dr. Abu-Ghazaleh pointed out that Talal Abu-Ghazaleh Global (TAG.Global) will soon publish a study on the new role of professional accountants during crises, noting that the audit profession needs to develop the accounting standards to keep pace with the Fourth Industrial Revolution (Information Technology Revolution) and to come up with solutions and services that address major changes. 

It is worth mentioning that the program addresses the most prominent local, regional and global economic issues and their implications from the perspective of senior officials, economic analysts and decision makers from inside and outside Qatar with a bold new vision. 


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