2022 Event Highlights - Session One - Equalizing the Global Recovery

Event Highlights

Session One: Equalizing the Global Recovery

For the last three years, we have experienced an acceleration of events that were once regarded as highly improbable, but whose impact has been intense: Black Swan Events. We now find ourselves in a time where the certitudes of old are being consigned to the dust heap of history.

Welcome to a world where the challenge of survival amid volatility and uncertainty reigns. These events include the pandemic and the threat of shattering the most peaceful era in Europe since World War Two. In East Asia, tensions are rising. The Middle East faces the conundrum of dealing with Iran. And Africa faces the major challenge of feeding, housing and providing jobs for a rapidly growing population. The world economy is in the ICU. Several facets of daily life such as work, consumer patterns, travel and entire livelihoods have been transformed.

At the same time simmering issues such as social equity, gender inequality and identity politics are coming to a boil. The rapid advance of technology is disrupting every area of life. Above all looms climate change, which poses an existential threat to the very survival of humanity. How do we ensure that we can equalize the global economic recovery? And how do we get there? If not managed correctly, this economic recovery could well drive a deeper wedge between East and West, North and South, between wealth and poverty and between titanic firms and tiny startups.

The second annual Qatar Economic Forum, Powered by Bloomberg, convenes global business leaders and heads of state to tackle some of the world’s most pressing challenges. Located in Doha, the forum draws on Qatar’s strategic location as a central node linking the networks of the world as well as its positions as a key global diplomatic hub, a leader in LNG energy technologies, and home to the 2022 FIFA World Cup.

Below are some highlights from the session.

Georgian Prime Minister on Russia and the Economy

“Politically we support Ukraine,” H.E. Irakli Garibashvili, Prime Minister of Georgia said. He says Georgia can’t impose economic sanctions on Russia because of its national interests. He also lamented the lack of attention given to Georgia during Russia’s 2008 invasion.

Kuwait, Qatar, Exxon on State of Energy

“If you think about oil prices and what’s happening today, you have to go back about seven or eight years and look at the almost 20% year-on-year reduction in capital expenditure”, said H.E. Saad Sherida Al-Kaabi, Minister of State for Energy Affairs, State of Qatar.

He talked about other factors such as the slowdown due to Covid-19, the Russia-Ukraine war, the rhetoric before the COP26 on energy transition, and demonizing oil and gas as reasons for the current energy issues.

Darren Woods, Chairman & CEO, ExxonMobil, said global oil markets may remain tight for another three to five years largely because of a lack of investment since the pandemic began. It’ll take time for oil firms to “catch up” on the investments needed to ensure there’s enough supply, Woods said.

“As Kuwait, we are committed to make the investments necessary to ensure that we can meet the increasing demand on hydrocarbons going into the future”, said H.E. Shaikh Nawaf Saud al-Sabah, Deputy Chairman & CEO, Kuwait Petroleum Corporation. He added that Kuwait has increased explorations and investments in building capacity to meet the requirements of the future.

Elon Musk Speaks at QEF

In an interview with Bloomberg News Editor-in-Chief John Micklethwait at the Qatar Economic Forum in Doha, Elon Musk, Technoking, Tesla, said the electric-car maker’s workforce needs to be trimmed as supply-chain snarls hurt growth.

Musk was also unguarded in his view that the US economy is headed toward recession– saying it’s not a question of if, but when.

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