The Secretary-General of the Union of Arab Chambers, Dr. Khaled Hanafy, pointed out that "the Corona pandemic had a profound impact on all types of businesses," considering that "the current consequences are worse for the global economy than those that followed the major financial crisis in 2007-2008".
Hanafy affirmed, during his participation in the virtual seminar organized by the International Chamber and the Federation of European Chambers, that "the sectors most affected are services (aviation, tourism), retail, energy, manufacturing, and education," explaining that "the Arab economy is expected to contract by 2.7 Percent, while very few countries like Egypt will be able to float growth by 2 percent, thanks to the rapid response efforts and diversification of the economy. "
He also emphasized that "the Corona pandemic is not just a health crisis, it is a huge economic and social crisis, and the effects of the epidemic associated with the drop in oil prices, causing great economic turmoil in the Arab region, where the International Labor Organization expects the epidemic to end 195 million full-time jobs, including 5 to 6 million jobs in Arab countries, while a third of the working population in the region will face high risks from layoffs, cut wages or hours of work. "
Hanafy considered that "the priority should be to assist small and medium-sized companies in maintaining jobs and achieving recovery", stressing "the role that the chamber community has played and can play throughout the world, by pressuring governments to remove barriers and keep borders open to trade,” and avoid protectionist policies, as well as put in place stimulus measures, which help reduce damage, return to economic recovery and achieve growth.
UAC’s SG discussed the economic relations between the Arab world and the countries of the European Union, pointing to the depth of political, trade and economic relations between the two sides, noting that "in 2019 the Arab world was the fifth country to export to the European Union after China, the United States, the United Kingdom and Russia, by 6.3% of the total imports of the European Union, the Arab world was also the fourth largest importer after China, the United States and the United Kingdom with 7.9% of the total exports of the European Union, stressing “the need to strengthen and deepen cooperation in the next stage in order to face the coming challenges, in light of a new global economic system imposed by the Corona pandemic."
