Monitoring Desk
CAIRO: A senior Arab League official said on Tuesday that Arab countries should be cautious to the threat of a global recession amid rising inflation in many nations.
Arab League Assistant Secretary-general for economic affairs Ali Al-Maliki told a meeting that the Arab world had not been immune to the economic recession. He added that Arab countries have also been affected due to high inflation. He said that the major threat was that the slow economic growth would become an economic recession, with the world economy set to lose $4 trillion through 2026 due to the recession.
Arab League
Al-Maliki said that despite the challenges, the Arab world had made positive progress on the development of a free-trade zone. The League’s Assistant Secretary-general for economic affairs said that in last February, for example, the Economic and Social Council of the League approved a deal to enhance transit transport among Arab nations.
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He added that the aim of today’s meeting was to hold discussions to enhance trade and cooperation across the Arab world.
Meanwhile, the Arab League and the United Nations have also agreed to set up programs for joint initiatives aimed at dealing with the challenge of climate change in the Arab world, the Saudi Press Agency reported.
