Special to AG-IP News Agency
DOHA - HE Dr. Talal Abu-Ghazaleh, founder and chairman of Talal Abu-Ghazaleh Global (TAG.Global), sounded the alarm of an impending major economic crisis that may hit global economy. That was during a seminar held under the title ‘Talal Abu-Ghazaleh and the Upcoming Financial Crisis: A Reality not a Fiction’ at the Qatar Association of Certified Public Accountants (QACPA). The seminar was moderated by Dr. Hashim Al Sayed, chairman of the Association.
Contrary to reports by some analysts and experts, Dr. Abu-Ghazaleh said that he has good reasons and clear indications that the crisis will occur, affirming that his national and Arab belonging and keenness led him to publish his knowledge in this regards to urge the Arab countries to take precautionary measures and also to benefit from the crisis to achieve successes, reminding that great people emerge in crises.
Furthermore, Dr. Abu-Ghazaleh predicted that the world would enter a new phase in 2021; a new global system will be bilaterally led by the US and China. However, China will be the greatest power which will strive to implement its ‘Silk Road Project’. Yet, the US will not accept this approach. As a result, the two powers will sit together and agree on a New World Order which will bring prosperity. Dr. Abu-Ghazaleh emphasized that this prosperity will start from the Arab region which although suffered the greatest amount ofdestruction, the process of reconstruction will kick off in it as it owns the world’s largest oil and gas reserves.
Dr. Abu-Ghazaleh said that he has good reasons to believe that the new crisis is going to be more devastating than the last one in 2008.
“Similar to the previous one, the new crisis will start in the United States and will last longer with far more devastating impact on Western economies, causing stagflation and leading to bankruptcies,” Abu-Ghazaleh added.
Dr. Abu-Ghazaleh believes that the global economic crisis will cause inflation and economic depression, adding that the upcoming crisis and emerging conflict will lead to a World War III between the US and China As a result the two great powers will be forced to sit on the same table and conclude agreements on ending the wars. Accordingly a new world order governed by the two Giants (G2) will emerge instead of the (G20) and the current global system.