Friday, March 29, 2024 | Ramadan 18, 1445 H
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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

The global marketplace is in upheaval

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The world has been mired in uncertainty and tragedy following the military and economic conflicts that have erupted in recent years. Wars are often fought by world powers with intent to control natural resources, and the financial and economic capabilities of their adversaries. Commentators point out that the global economy is being controlled by forces driven by greed. These forces also enjoy veto power at the UN Security Council and manipulate UN resolutions to ensure they enjoy sway over weak nations.


Today, the world is facing inflation, fluctuations in oil prices, losses in the financial and real estate markets, a decline in the values of international currencies except for the dollar, while poor access to foodstuffs, problems in obtaining energy resources from gas, as well as people suffering from a lack of job opportunities.


These issues are causing harm to many workers. At the same time, they are a source of concern for millionaires and billionaires whose singular goal is to make huge profits at the expense of the poor.


According to official date, many large technology companies have continued to post losses. Since the start of this year, losses suffered by 500 rich people globally amounted to RO 1.2 trillion. In their view, the only remedy is to announce a continuous increase in interest rates, which also leads to a rise in consumer prices, and harms the poor before the rich as a result of increased housing, health care and nutrition costs, while governments are working to take new steps to confront these bad conditions and curb inflation.


The decline in the values of the major and local currencies in the world, as well as the decline in gold prices to their lowest levels, have bad effects on the capabilities of people and dealers, as well as the rich who have no choice but to tighten monetary policies and raise interest rates to fight widespread inflation.


Despite this economic turmoil, we find that the rich live in a parallel universe far removed from this reality. In the Gulf region, the wealthy have also suffered significant losses because their wealth is invested in international markets. Today, many people feel a decrease in their purchasing power as a result of the continuous inflation in prices and the weakness of currency values, and the rise in the price of the dollar, which strongly affects the economies of the world in the event that goods and products are imported from abroad, and this increases the fears of an anticipated recession.


haiderdawood@hotmail.com


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