Economists and Academics Discuss Sustainable Growth Strategies at Global Future Councils Meeting

DUBAI: Leading economists and academics gathered at the Annual Meeting of the Global Future Councils 2024 (AMGFC24) today, advocating for a redefinition of economic growth measures to encompass environmental sustainability and social inclusiveness. According to Emirates News Agency, the discussions focused on the imperative to rethink traditional growth metrics, which have historically prioritized GDP over environmental and social capitals. Paul Gruenwald, Global Chief Economist at S and P Global, addressed the assembly on the necessity of integrating natural capital-comprising biodiversity and ecosystems-into growth calculations. "We're not suggesting that we should forgo growth; rather, we need to ensure that growth is sustainable and takes natural capital into account," Gruenwald emphasized, highlighting the positive trend in industrialized nations where economic growth is becoming decoupled from emissions. The panel, titled "Reimagining Growth," also broached issues concerning trade and globalization. K ellee Tsai, Dean of the College of Social Sciences and Humanities at Northeastern University, pointed out the ongoing geopolitical-driven shifts affecting global supply chains and industrial policies. Tsai remarked on the resilience needed in the face of these changes, suggesting that globalization is not ending but fragmenting along regional and geopolitical lines. Mona Haddad, Global Director of Trade, Investment, and Competitiveness at the World Bank, commented on the particular challenges facing developing nations in the current global landscape. These include geopolitical tensions impacting global value chains, climate policies that disproportionately favor developed nations, the necessity for robust IT infrastructure to harness technology benefits, and the impact of industrial policies from wealthier nations creating inequalities. Further touching on the technological front, Eric Parrado, Chief Economist and General Manager of the Research Department at the Inter-American Development Bank, spoke about the potential and challenges posed by artificial intelligence (AI) in national growth narratives. Parrado proposed a strategic integration of AI into educational sectors to mitigate potential job disruptions and emphasize upskilling. The AMGFC24, hosted by the UAE Government in partnership with the World Economic Forum (WEF), aims to set the agenda for the 2025 WEF Annual Meeting in Davos scheduled for January. The discussions at this meeting underscore a shift towards more inclusive and environmentally conscious economic strategies as central to future global economic policies.