Abu-Ghazaleh Tackles Global Crisis and its Effect on the Arab Economy

There is a difference between the real and virtual economy, what is currently promoted as the end of this crisis in the West is a cosmetic and marketing procedure - Abu-Ghazaleh

AMMAN ------April 28, 2010-------- Mr. Talal Abu-Ghazaleh, chairman and CEO of Talal Abu-Ghazaleh Organization (TAG-Org) delivered on April 26, 2010 a lecture entitled ?The Global Crisis and its Effect on the Arab Economy? at the headquarters of the Arab Society for Science and Culture.

Mr. Abu-Ghazaleh, who is also the chairman of the UN Global for Information Technology and Communication (GAID), stated that the global financial crisis is the biggest fraud to take place in history refuting lies that the crisis has reached to end stressing that it has transformed from economic to a financial crisis.

?There is a difference between the real and virtual economy, what is currently promoted as the end of this crisis in the West is a cosmetic and marketing procedure,? Mr. Abu-Ghazaleh stated.

He revealed as well that the crisis has been transferred from the private to the public sector since governments bought the debts entering a new phase of Governments? Crisis.

?The West will be affected by the crisis for no less than ten years, eventually; the crisis will not be dissolved unless the Western economy is being restructured and reformed,? he said.

Abu-Ghazaleh stated that the price of one barrel of oil will reach up to 100 US dollars before the end of this year. Meanwhile, he pointed out, the US Dollar will not stand alone as the only currency something that ultimately falls in the interest of the United States since any unexpected hit might be devastated for the US taking into account that 30 percent of the currency market is Euro.

?China has rejected to internationalize its currency and created its own financial market for its currency. Therefore, China is the future market for the globe,? Abu-Ghazaleh said.

Concerning the impact of the global crisis on Jordan, Abu-Ghazaleh said that the Kingdom is facing problems with its fiscal budget in which 70 percent is spent on salaries, stressing the need to protect and support the national production.

Head of the Society Mr. Sameer Habashneh thanked Abu-Ghazaleh for his invaluable lecture noting that Mr. Abu-Ghazaleh is an example for all Arab citizens in his dedication and strong commitment for the development of the Arab region.