Abu-Ghazaleh Discusses Global Economic Crisis at Syrias Junior Chamber International

What has been said about the US economic recovery is nonsense because unemployment, public debt and bankruptcies are at its peak; nearly 200 US banks are out of business and I expect the global financial crisis will not end before another 1000 banks close ? Abu-Ghazaleh

DAMASCUS ?March 18 2010 ? Mr. Talal Abu-Ghazaleh, chairman and CEO of Talal Abu-Ghazaleh Organization (TAG-Org) tackled several key issues related to Syria and the Arab economy at the Junior Chamber International (JCI) in Damascus.
Mr. Abu-Ghazaleh discussed the economic atmosphere in the Arab world and the future of the European Union in addition to the foreign investment in Syria.
Mr. Abu-Ghazaleh underscored the continuous change and rapid growth in the global economy in particular in recent years and its impact on the Arab economy in general and the Syrian economy in particular.
"God blessed Syria by not receiving financial or economic assistance from the US, which helped the country remain outside the framework of the US assistance and build a strong economy," he said.
"What has been said about the US economic recovery is nonsense because unemployment, public debt and bankruptcies are at its peak; nearly 200 US banks are out of business and I expect the global financial crisis will not end before another 1000 banks close," he added.
Mr. Abu-Ghazaleh attributed the crisis to the absence of financial control in the US, taking into account that the US economy is the most damaged in the crisis it created.

Mr. Abu-Ghazaleh stressed that the next stage will witness the emerging of several new powers such as Brazil, India, China, Russia and Germany saying," The economy of Germany was able to cure itself by practicing strict financial control."
"The future will witness the transformation of Russia into an economic magnet surrounded by several European countries; China will take around 30 years to become the next economic power while Africa will need 50 years," he said.
Mr. Abu-Ghazaleh concluded by discussing the vigorous economic attempts under way to revive what was called the Silk Road in the economic cooperation between the Middle East and China, stating that the dollar will not survive as the only currency.
The lecture also tackled several key topics regarding the global economic crisis, oil prices, the Millennium Development Goals and the future of Palestine.
JCI Vice President Ms. Lia Sabe requested Mr. Abu-Ghazaleh to lecture again at the JCI branch in Homs.