Arab Economic Forum Opens in Beirut with Participation of Governor of PMA

Today, H.E. Azzam Shawwa, Governor of PMA, took part in deliberations titled “Regional Economic Prospects - Between the Wars and International Crises”; one of the main topics of discussion at the Arab Economic Forum held in Beirut from 12-13 May 2016. 

Mr. Shawwa’s intervention came during the fifth conference session which was titled “The Banking Industry Facing Up to the Economic Downturn and Political Crises”, moderated by Dr. Makram Sader, Secretary General of the Association of Banks in Lebanon (ABL).

In his intervention, the Governor of the PMA touched upon the causes and impact of the sharp drop in global oil prices, pointing out that these developments had direct ramifications on the economies of the Arab region in general and the Gulf states in particular, as the economies of Arab oil-exporting countries are directly dependent on revenues and financial surpluses from oil production. He added that this has, by and large, adversely affected the macroeconomic indicators of these countries.

H.E. Governor Shawwa urged greater focus on financial inclusion policies, especially by oil-importing countries, in order to promote the economic role of Arab banking systems and financial markets and transform these systems and markets that depend on economic growth to systems and markets that lead and influence growth. He said that oil-importing countries should benefit from the opportunity presented by lower oil prices to achieve favorable results through reducing debt and fostering investment spending.