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Sisi: Despite dwindling global growth rate, emerging & developing states’ rate expected to go up by 5% by end of 2019
Egyptian President Abdel Fattah El Sisi although the international growth rate is receding amid expectations to reach less than 3 percent by the end of 2019, economies of emerging and developing countries are expected to be the locomotive of international economic growth with their rate expected to reach five percent by the end of 2019.
In a speech delivered on his behalf by Planning Minister Hala El Saeed at the Arab Sustainable Development Week, Sisi said Egypt ranked the third internationally with regard to rising economic growth rates.
Egypt has realized the highest annual economic growth rate in the 2018-2018 fiscal year at 5.6 percent and this number is expected to leapfrog to 5.9 percent in the coming year against 2.9 percent in 2013-2014, Sisi said, adding that inflation rate dropped to an unprecedented level in September 2019 to 4.3 percent against 17.5 percent in the same month in 2018.
He added that unemployment rate dropped to 7.5 percent in the second quarter of 2019 against 13.2 percent in 2014.
He added that hard currency inflow reached dlrs 78 billion in 2018-2019 against dlrs 61 billion in 2007-2008, thus upping hard currency reserve to dlrs 45 billion in September 2019 against dlrs 13.4 billion in March 2013.
He added that reaching the aspired rise in economic growth rate in the Arab world requires cooperation to boost production, highlighting the importance holding social dialogue among all parties concerned with development, settling commercial disputes and curbing climate change.
The president added that Arab states have to further economic cooperation and promote innovation in all fields in addition to intensifying efforts to develop human capital in order to have a more stable future.
Sisi underlined Egypt’s keenness on promoting international partnerships, referring to Egypt’s call during the United Nations Sustainable Development Summit in September for collective work for rallying collective world to serve the SDGs in addition to securing needed funds.
According the Arab Forum for Environment and Development report in 2018, world countries need 5 to 7 trillion dollars annually until 2030 to attain the Sustainable Development Goals, while Arab countries alone need dlrs 230 billion annually for the same end.
He noted that Egypt is working hard to promote partnerships between the government, private sector and civil society in addition to furthering cooperation with international partners, adding that Egypt has also given due attention to encouraging youth and women participation in implementing sustainable development programs.
Meanwhile, he added the Arab Sustainable Development Week highlights the importance of collective work and partnerships to confront economic, social, humanitarian, security and political challenges and this goes in line with the Sustainable Development Goals and Egypt Vision 2030 which was launched in 2016 and realized tangible results at the local level.
He said Egypt is playing an effective role at the regional and international levels to serve the SDGs, noting that Egypt – as the current chair of the African Union – is keen on supporting African states’ efforts to implement Africa Agenda 2063.
He added that the third edition of the Arab Sustainable Development Week builds on the success of the previous two editions, noting that Egypt is keen on hosting such event which crowns fruitful cooperation between the Arab League, the World Bank and the UN.
The four-day event is organized by the Arab League in tandem with the Egyptian Ministry of Planning, Monitoring and Administrative Reform, the World Bank, and the United Nations Development Program.
The gathering – which is the largest platform for addressing the Sustainable Development Goals in the Arab region – tackles three main themes “Integration between Development Partners,” “Towards a Better Life,” and “New Horizons for an Ever-Changing World.”
The gathering’s theme “Integration between Development Partners” highlights that Sustainable Development Goals require effective and working partnership so that making the right decisions that would improve sustainability for future generations. Achieving sustainable development goals requires large-scale partnership that brings together governments, the private sector, civil society and all sectors of society to work closely together. Through the past three years, rationality, understanding gaps, identifying challenges and priorities, partnership, transparency, and scrutinizing objectives and partnerships formed the major criteria of joint action between the League of Arab States and its multiple partners of national bodies, specialized Arab organizations, regional and international organizations, civil society groups, philanthropic organizations, the private sector, youth and women.
The second theme of “Towards a Better Life” stresses that change begins with policies supporting the role of individuals, and is then followed by efforts of development and change of society where individuals live. Society must invest in the fundamentals of boosting the role of individuals through improving health and wellbeing, evaluating existing services to ensure they are in line with the goals of the healthcare system, and improving education as a fundamental human right that paves the way for a successful and prosperous future. Enlightenment and practical social culture also helps people build their identity and identify their beliefs and values. Humanity moves forward by embracing differences and recognizing the reasons for integration and diversity in the public course, but this cannot be achieved without supporting the notion of citizenship, which requires major efforts by the state at all levels. Societies only move forward when women are empowered; and women’s rights shall essentially become a culture.
The third theme of “New Horizons for an Ever-Changing World” examines the challenges and opportunities facing the future of the Arab region, against the backdrop of a new international system that started to emerge as a result of the Fourth Industrial Revolution. The new outlook is infused with fresh opportunities, challenges and skills that will make many traditional jobs obsolete, while introducing new jobs in various industries, such as the green jobs program that backs transformation to green economy, especially in alternative energy, waste management, etc., This would require the development of new skills to meet the challenges of the future. The Arab region needs a vision that supports this new reality by developing programs that aim to improve education and groom fresh graduates and experienced staff with advanced skills. It is also highly important to encourage new ventures and risk-taking in the public and private sectors to build the future beyond 2030. This can be achieved through the following: – Develop key sectors and promote innovation, especially in the fields of renewable energy, transport, health, education, technology, water and space. – Train people about the notion of citizenship, and promote women empowerment in all spheres of life and work. – Build high-production, knowledge-based economy by promoting lifelong learning programs. – Design skill development programs and training in future skills. – Encourage high-caliber personnel to take up analytical and service jobs and promote entrepreneurship and self-employment. – Encourage youth in the Arab region to take part in dialogue with other parties in the society about the future of development in the region and the future of youth as a major focus of countries in the present time.
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