“Let's stop criticizing our banks!”

More than ten years after the subprime mortgage crisis, all the light has not been shed, and yet the idea of ​​the guilt of the banks has taken hold firmly in people's minds. They are even blamed for the double fault, since after playing with fire and triggering the crisis, they allegedly asked for help from the States. This unanimous condemnation, the result of incomplete analyzes, is a heavy component of the bank bashing that has raged since then and unfortunately works against our interests. We are indeed at a critical moment when Europe, faced with the domination of American finance and the dollar, must develop its own financial capacities. The development of a strong pan-European financial sector is therefore essential if we particularly want to foster the emergence of future European gafas. 
If it is vain to hope for the complete disappearance of this bank bashing and, one might say, of the bashing market whose roots plunge both in history and in ignor…

Economic transition in Africa: self-sufficiency in strategic sectors

 Participants at the International Economic Seminar on Investment in Africa, held by videoconference on Tuesday, said the continent's economic transition begins with achieving self-sufficiency in strategic sectors.

The economic transition must be understood, in the light of the tough competition in the world, within the framework of an integrated national approach, at the level of each country and at the regional level, with plans to achieve self-sufficiency in three key sectors , namely food, medicine and education, said the expert in international economics, Talal Abu-Ghazaleh.


Speaking at the seminar, organized by the Arab Center for African Investment and Development (CAAID), a private Algerian study office, on the theme "Coronavirus and economic transition in the African continent", Dr Abu Ghazaleh underlined the The crucial importance of such an approach for the protection of the country on the economic, financial and political levels, and as an essential factor in anticipating crises.

 In the same vein, the expert spoke of the importance of innovation in economic transition plans, calling for transforming innovations into value-added products, and hence marketing them.

Regarding the global economic situation, he explained that we are facing the biggest recession in the history of mankind, specifying that the recovery cannot be envisaged before 2024, that is to say in three years at least.

"We must take advantage of this period to achieve the expected economic transition in Arab and African countries," he advocated.

He added: "We must focus on maximizing capacity, and not give in to despair, because while our situation is deplorable, that of Western countries is even worse. We have to tell ourselves that we are facing a challenge and that we will succeed in meeting it ".

For the former Minister of Finance, Abderrahmane Ben Khalfa, the Covid-19 pandemic revealed that African countries were outside the international value chain, in this sense, he explained, that added value is produced outside these countries, which constitutes "a real danger for them".

In this regard, he warned against the stagnation of strategic industries and the movement of goods around the world, which poses risks to the supply of the African population with food products.

This pandemic also highlighted the importance of regional groupings, noted the Algerian financial expert, who added that the impact was less for countries with integrated economies.

Faced with this observation, Ben Khalfa considered it essential for African countries to reactivate their regional integration projects, "henceforth guaranteeing sustainability" alongside reforms aimed at "fundamental" economic reconfiguration.




“Of course the repercussions of the pandemic on the health plan were less serious in the African continent but the stagnation was greater, hence the need for an economic take-off with more audacity and different tools of governance, to the light of this pandemic with which we must learn to live, ”he continued.

The pandemic, an opportunity for a new vision of sustainable development

The Secretary General of the Council of Arab Economic Unity (CAEU) under the Arab League, Mohammed Al-Rabie, saw the Coronavirus pandemic as an opportunity to wake up and develop a new vision, based on an objective assessment the implementation, in the region, of the sustainable development goals (SDGs) set by the UN.

Stressing that "the experiences of the past show that collective work is a factor of success", he pleaded for the recovery of colossal Arab capital abroad, "which is no longer secure in view of the repercussions of the pandemic", and inject them in the form of investments promoting regional integration.

For his part, the representative of the African Union (AU) Commission, Hussein Hassan, said that the current economic situation requires more than ever the crystallization of a common vision to face challenges, in all their dimensions.

The pandemic has shown a growing interest on the part of developed economies for partnership with the African continent, he argued, calling for taking advantage of the current situation to build complementarities with “development partners” on the basis of comparative advantages.

Along the same lines, the Syrian economic expert established in Turkey, Ghazwan Al-Masri, spoke of opportunities to be explored in the light of the Covid-19 pandemic, believing that the economic recovery will follow this conjuncture of recession but it will be on new bases.

 As a result, he predicted that countries will move more towards local industrialization and reducing dependence on global supply channels with a focus on self-sufficiency, emphasizing the imperative to aim for security. health, through the production of medical equipment and pharmaceutical products, in particular essential drugs, in addition to the encouragement of digital technology and artificial intelligence.



In the same wake, the president of the Arab Union for the digital economy, Abdelouahab Ghouneim affirmed that digital was the most important axis of the economic transition, calling for catching up the delay in the region, by promoting, including electronic commerce.

The inter-Arab digital economy accounts for $ 110 billion, or nearly 4% of the total value of the region's economies, while its global value is estimated at $ 13 trillion, or 15% of the global economy, according to figures presented. by M. Ghoneim.

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