x Abu Dhabi, UAESunday 23 July 2017

Abu Dhabi hosts World Economic Forum as debt crisis haunts Western world

As any as 800 of the world's brightest thinkers and business leaders gather in the capital today and tomorrow.

The public debt crisis engulfing most of the Western world will be a main topic dominating talks at a World Economic Forum meeting in Abu Dhabi.

As many as 800 of the globe's brightest thinkers and business leaders are gathering in the capital today and tomorrow for WEF's Summit on the Global Agenda to discuss the state of the world economy.

Sultan al Mansouri, UAE Minister of Economy, Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs, and Mohammed Omar Abdullah, Undersecretary of Abu Dhabi Department of Economic Development, are among the high-profile UAE names at the event.

They're gathering at a period of renewed uncertainty in the global economy against a backdrop of an unfolding sovereign debt crisis in Europe, deadlock over resolving the US's budget deficit and a large build up of public debt in Japan.

The public debt crisis emerged as the top trend likely to impact the global economy in the next 12 to 18 months, according to a survey of almost 500 experts who make up WEF's 79 global agenda councils.

Uncertain economic outlook, global power shifts, the digital revolution, political entrenchments, instability of financial markets, scarcity of resources, climate change and unemployment inequality were also identified as important trends facing the global economy.

tarnold@thenational.ae