Qatar has fared better than some countries during the global economic crisis because the state is smart, is supported by government developmental projects, and has a vision for the future, said an economic expert from Hungary, who was one of the speakers in yesterday’s Ninth Doha Forum.
George H Matolcsy, former Economy Minister of Hungary, and the current director of the Hungarian Economic Development Institute, said Qatar had a vision for the future; the business sector is supported by government developmental projects; has a good economic strategy; and has a strong government, which are, he said, “successful means to weather the crisis. This is why Qatar is doing better than other countries amid this global financial crisis.”
“Of course, in some areas, Qatar has been affected, it is unavoidable, but the state is in a smart place. Qatar and the entire region feel the effect of the global crisis, you cannot hide from this because it is a global crisis. But in some countries, and in some places where the government has a vision for the future, where it has good economic strategies for the future, where it has a strong government in place, when it has all these three elements on the table, you will be in a better position. And Qatar seems to be in the right track of surviving this economic downturn … It has invested a lot on technology, education, tourism, energy, among other projects,” said Matolcsy.
Matolcsy yesterday discussed, along with other speakers, “The State’s role in the organisation of the national economy in light of the financial market crisis,” “Can the Arab revenue-oriented economy be turned into a global economy?,” “The role of the national economy and the private sector in the global financial crisis,” and “The reorganisation of financing and government laws.”
According to Matolcsy, a new kind of politics might emerge from the crisis experienced by nations worldwide, but, he said, every nation should ask first, “How can we balance the economy?”
“There are successful economic models we can follow, some regional solutions. In the EU economies, there is a strong stabiliser and that’s the state budget. This is the role of the state budget in the EU … they have state finances, pension system, health care system, state finances through the budget, education … In the European Union, the state finances play an important role than in the Anglo-Saxon economies. The EU countries rely on their state budgets and it might help these days … Qatar is using another economic model … Like I said, there are regional solutions to these problems that may work for some countries,” said Matolcsy.
The Doha Forum, with more than 600 experts and dignitaries, will see discussion on international governance, the role of governments in the enhancement of national economies in light of the global economic crisis and a host of other topics of human interest.
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