The current credit crunch is expected to persist due to the impaired financial system, leading to a very weak economic recovery only in 2010, according to Professor of Economics and International Business, Stern School of Business at New York University, Nouriel Roubini.

The leading economist has also stated that other repercussions of the present global economic downturn, including the sharp fall in oil and energy prices will have greater ramifications on regional oil exporting countries.

These topics along with many others will be discussed at the upcoming ‘The World in 2009 Executive Forum’ at the Madinat Jumeirah in Dubai on January 20, 2009, which will feature detailed discussions from innovative thinkers from business, finance and politics on the latest key trends, which are set to dominate the world in 2009.

With the global economy expected to contract by 0.4 per cent in 2009 - the first such shrinkage since the Second World War - the Middle East and North Africa is expected to witness a sharp slowdown in growth.

Latest EIU reports indicate that the UAE economy’s growth will slow down from a projected 7.7 per cent in 2008 to 1.5 per cent in 2009. As the global leader in business intelligence and the foremost provider of country, industry and management analysis, the Economist Intelligence Unit forecasts a weak overall performance from the region, with real GDP growth of only 2.8 per cent compared with about 6 per cent in 2008.

With aims to discuss the state of the regional market and other pertinent global issues, ‘The World in 2009 Executive Forum’ will feature a keynote presentation on predicted global conditions after the term of outgoing US President George W Bush by Prof Roubini in addition to a host of leading executives from across the region.

"This is the worst financial crisis since the Great Depression and the global economy will experience its worst recession in decades in 2009,” said Prof Roubini. “Even emerging market economies will experience a sharp slowdown of growth that will be the equivalent of a hard landing.

”In severe recession oil, energy and commodity prices will fall further even from current levels. Thus, oil exporting countries around the world and in the Middle East will suffer from this very sharp fall in oil and energy prices. Only very aggressive fiscal and monetary and financial policy response in the US and other countries may lead to an economic recovery in 2010, but it may still feel like a recession in 2010 even if we may be technically out of it.”

‘The World in 2009 Executive Forum’ is set to gather prominent business, financial and political figures to identify and explore trends that will affect business strategy in 2009.

Organised by Economist Conferences, with Istithmar, as the forum’s lead sponsor and Qatar Airways as official airline, the event will be chaired by Executive Editor of The Economist Daniel Franklin, and Editorial Director and Chief Economist of the Economist Intelligence Unit Robin Bew.

In addition, the event will also feature debates on key topics by regional executives including Managing Director and CEO, Jadwa Investment, Ahmed Al-Khateeb; Chief Economist, Gulf Markets, HSBC Middle East, Simon Williams; Executive Vice-president - Asia and MENA, Allianz, Heinz Dollerg; and founder and chair, Arab International Women’s Forum, Haifa Al Kaylani.

The ‘World in 2009 Executive Forum’ will be attended by around 150 senior-level decision makers from diverse sectors such as banking and finance, manufacturing, real estate, telecommunications, energy, oil and gas, and travel and tourism. – TradeArabia News Service