Policy makers in the Middle East have a window of opportunity over the next 3-5 years to fundamentally reshape the long-term economic landscape of the region.
A.T. Kearney’s global think tank, the Global Business Policy Council has launched a regional arm to provide the insights needed to navigate increasingly complex dynamics shaping regional development: The National Transformations Institute. The Institute, based in Dubai, will apply its expertise in strategic foresight to help senior government and business leaders anticipate and harness changing economic, geopolitical, social, technological and resource trends.
Commenting on the launch of the National Transformations Institute, Rudolph Lohmeyer, Global Business Policy Council Vice President and leader of the new Institute said, “The Middle East is one of the most rapidly and deeply transforming regions in the world. We are seeing governments courageously committed to driving historic change with unprecedented speed for the benefit of future generations. It is therefore the ideal place to create a laboratory for understanding the changing nature of national transformations and the levers of action for guiding them to the desired results.”
According to the National Transformations Institute, the region has opportunities to increase economic integration, capture increasing volumes of trade flows and attract significantly higher levels of FDI in ways that have the potential to shift its long-term growth trajectory dramatically. Deeper intraregional economic integration, additional capture of trans-regional trade flows and untapped potential FDI together represent an opportunity to shift the region’s long-term growth curve. The Global Business Policy Council projects that global growth will accelerate from 2.9 percent in 2017 to 3.1 percent this year, and it will average 2.9 percent growth annually through 2022.
Discussing perspectives on the changing nature of national competitiveness at the global level, Erik Peterson, Partner and Managing Director of the Global Business Policy Council in Washington DC said, “From a global perspective, the world can look forward to positive growth from 2018 through to 2022. However, leaders need to device hedging strategies to account for looming policy uncertainties. A key priority in the near-to-medium term will be to build strategic foresight capabilities and become agile enough to respond rapidly and effectively to changing circumstances.”
With a positive near-term economic outlook for the region, the new Institute sees significant opportunities for transformative long-term growth. Commenting on the launch of the Institute, Paul Laudicina, Chairman of the Global Business Council and Chairman and Global Managing Director Emeritus of A.T. Kearney said, “We are dedicated to partnering with our clients across the public and private sectors and have already begun conversations to anticipate and plan for change. With the launch of the National Transformations Institute, we are deepening this commitment to the Middle East in light of its historic effort to drive transformation at all levels and create sustainable economies and societies for future generations.”
