Special to AG-IP News Agency
AMMAN – Economic expert and prominent Arab businessman HE Dr. Talal Abu-Ghazaleh published a set of recommendations that could help counter the Coronavirus crisis economic consequences, expected to cause the worst global recession in history.
In a published paper Dr. Abu-Ghazaleh affirmed that “the path to exit the crisis is going to be long, arduous and painful; therefore we need to discuss and put forward more ideas.”
He added, “There is no doubt, the COVID-19 will remain a part of our life for a long time, and consequently, its negative economic effects would also continue. Hence, we should not wait for the epidemic to end before we start to take the necessary precautions to confront its serious economic repercussions.”
Dr. Abu-Ghazaleh called on every country to prepare and develop appropriate plans to fight this great challenge. He referred to an International Monetary Fund (IMF) report affirming that “exiting the crisis depends on relevant measures taken by each country.”
Dr. Abu-Ghazaleh also urged each country to establish an advisory council that includes competent national experts to confront the Great Depression; to assess the situation and submit its report to the head of state to decide on the measures to be taken accordingly.
Dr. Abu-Ghazaleh offered a set of suggestions to the prospective advisory councils to examine and deliberate on in each country’s needs, including:
No new taxes that might hinder economic recovery should be imposed; while taxes on new investment projects in the fields of agriculture and medicine should be abolished.
Top priority should be to transform into a digital-based management, including in trade, in services and in education.
Adoption of policies that may help stimulate the Gross Domestic Product (GDP), which will create new job opportunities and broaden the tax base.
- Adoption of programs specialized in recruiting the unemployed at the small businesses, while the government should give funds to these businesses to pay the unemployed, instead of directly offering salaries to people while staying in their homes.
- Adoption of an administrative reform scheme in parallel with an austerity program to reduce public expenditures and to restructure government sectors.
- Securing the freedom of movement of funds.
Restructuring of energy policies
To assess the privatization of government institutions, to ensure if increase in profitability.
To adopt policies and procedures to control price hikes.
To launch programs to support the tourism sector.