There will be new global economy after pandemic: Hamad bin Jassim

(MENAFN - The Peninsula) Doha: Former Prime Minister H E Sheikh Hamad bin Jassim bin Jabor Al Thani, underlined that the COVID-19 pandemic contributed to the rapid crystallization of a new global economy, noting that given the liquidity that was pumped into the global economy to overcome the pandemic’s consequences, it is not possible at present to assess the state of the economy, whether by expecting its direction to improve or vice versa. Addressing the virtual Qatar Economic Forum, Powered by Bloomberg, His Excellency said that although there is improvement in the global economy, this is due to the economic packages and liquidity that were pumped to overcome the consequences of the pandemic. He noted the importance of looking at the economy after 2022, expecting that the economy will witness a major change during the coming period, despite its stability during the next few periods, but its future is not clear, according to his description. Sheikh Hamad bin Jassim bin Jabor Al Thani referred to the great changes taking place in the economy, stressing that the COVID-19 pandemic contributed to accelerating and highlighting these changes, including the change in buying behaviors and habits and the spread of online purchasing, especially among the younger generation, which will bring changes in the retail sector. Regarding the hospitality sector, he expected a speedy recovery for this sector due to the return of people to travel after the interruption caused by the restrictions imposed due to the pandemic, stressing the recovery of the travel sector after the pandemic subsided. Also, he touched on the real estate sector worldwide, noting that this sector suffers from problems due to the COVID-19 pandemic, such as the decrease in the need for spaces, the spread of remote work and the replacement of work in offices with work from home, indicating that the sector faces a challenge and the expectations of its return to its pre-pandemic situation vary and are directly related to the behavior of consumers. On investment opportunities, he pointed to the need to diversify investments, pointing out that the technology, renewable energy and the financial sectors have growth opportunities. He also pointed out the need to beware of speculation, with the importance of taking a decision quickly, whether to continue or withdraw. On the merger between European banks, he explained that the mergers are inevitable, pointing out, ''If we compare the European banks with the American banks or with the Chinese banks, we would find that they are too small to survive by themselves.”MENAFN23062021000063011010ID1102331265