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Emerging Economies Set to Outperform Developed World
DUBAI - Emerging economies and markets will perform better than those in the developed world this year, economic experts said on Tuesday.
“Emerging markets in the Middle East, North Africa and South Asia [MENASA] have demonstrated their resilience to the impact of the global financial crisis. Today, capital markets in many countries in the region are outperforming those in developed countries,” Abdulla Mohammed Al Awar, CEO of the Dubai International Financial Centre Authority, said at a DIFC seminar.
DIFC has hosted the seminar to discuss outlook for capital markets in the MENASA region. Speakers at the event included officials from the DIFC Authority, the Dubai Financial Services Authority, and leading financial institutions and legal firms.
Dr Nasser Saidi, DIFC’s Chief Economist said; “we see strong recovery and further advancement in the Middle East emerging economies this year.” Dr Saidi said that emerging markets increasing investing in each other. Building and sustaining a vibrant capital market relies on the commitment of long-term stakeholders, he added.
A key focus of the seminar was the region’s debt markets, which have seen a strong resurgence following the crisis.
Driven by the commitment of governments to infrastructure projects, counter-cyclical fiscal policies as well as the development of public debt management, debt markets have shown increased activity in the past year.
“The development of local currency debt markets represents a vital investment in the economy, similar to any other public investment. Even in the absence of a pressing need among governments to borrow, the creation of a debt market is a key milestone on the road to the development of an advanced economy,” Dr Saidi said.
Debt market represents the leading channel of liquidity for governments, public companies, agencies and financial institutions in many advanced and emerging economies, he said.
He said that developing a local currency fixed income market brings multiple benefits: stable access to capital, diversification of monetary policy instruments, creation of a yield curve for pricing financial assets and tailoring risk management tools.
The role of the debt market, including Islamic bonds or Sukuk, in financing infrastructure, development projects and budgets; increasing capital mobility; deepening financial markets; and supporting financial market integration were a major topic of discussion.
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