Emir of Qatar Says Global Economy to Shrink by a Third

Emir of Qatar Says Global Economy to Shrink by a Third

Emir of Qatar Sheikh Tamim bin Hamad Al Thani warned on Tuesday of a wave of global economic stagnation and inflation that the world has not seen in 45 years, citing a slowdown of growth in the global economy by about a third this year.

Speaking at the opening of the Qatar Economic Forum 2022, Sheikh Tamim said the economic forecasts indicating a slowdown of growth in the global economy could be a prelude to an inflationary recession the world has never seen since the period between 1976 and 1979, according to the world bank reports.

Back then, sharp rises in the interest rates to combat inflation led to the economic recession of the early 1980s.

International indicators

He said positive health indicators have risen after the lifting of coronavirus pandemic restrictions, recovery of trade flow, increase in public spending, and growth in global demand at all levels.

However, the confusion that has impacted the supply chains is still among the significant factors that are driving up prices, in addition to the devastating effects of the ongoing war in Ukraine.

"The pandemic has revealed the extent of the gap between the rich and poor nations and contributed to its expansion, especially during the faltering efforts to