6/30/2010Global economic crisis not over yet, may worsen -- Kuwait warns
CAIRO, Kuwait warned on Wednesday the global economic crisis was not over yet and that it might even deepen due to several factors namely prospects of the crumbling of economies of some European nations.
Minister of Social Affairs and Labor Dr. Mohammad Al-Afasi, in a statement addressed on his behalf by his Saudi counterpart, Dr. Yousef Al-Othaimeen, at the 29th session of the Arab ministers of social affairs and labor, said the international financil crisis "persisted," and despite prevailing optimism it might end in the near future, the possibilities that it could worsen also remained, "for there were no signs about full-scale recovery of the international economy.
"In fact there are some dangerous indications as a result of the collapse of the Greek economy and prospected crumble of the economies of a number of the European Union." This crisis has caused wide-spread unprecedented unemployment and economic recession that might develop into depression, thus threatening to obstruct the development schemes in the regional states, said Al-Afasi, whose remarks were uttered by Al-Othaimeen -- the Kuwaiti official could not be present at today's session due to his participation in crucial sessions of the parliament at home.
The global meltdown has also negatively affected regional nations' growth, cut down prosperity, thus boosting spread of poverty, unemployment, limiting health care services and causing deterioration of teaching and public utilities, the Kuwaiti official added.
He indicated at the necessity to adopt new approaches to ensure sustainable development, with diversifying economic policies and production means, an approach that had been adopted by the 2009 Kuwait-hosted Arab economic summit.
However, the minister of social affairs noted that the Arab states would not be able to adopt such an approach successfully unless all social forces join hands in the implementation of development policies "and this requires that we urgently act to maintain the social fabrics of our nations."
On the GCC states, he acknoweldged that the six member states of the council have not realized objectives of the sustainable development, calling on the conferees to seek to work out common strategies and mechanisms for attaining this goal.
He praised the Arab third technical report for development that specified and analyzed develpment problems in the Arab world.
He praised the Arab third technical report for development that specified and analyzed develpment problems in the Arab world.
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