014_Global12_InSight_2013

Global 13

Global Insight2013 Respect for diversity calls for all our citizens to be given the op- means that inventories in the main consuming regions are also seen portunity to take part in the planning and decision-making processes remaining at comfortable levels. that shape the communities in which they live, learn and work. Of course, challenges remain and OPEC needs to be vigilant. There is Our Commonwealth understanding is that democracy and socio- still no clear vision on the recovery of the global economy, which has led economic development are mutually sustaining and bring reciprocal to world oil demand growth forecasts being consistently revised down. benefits. This means that we see the need for special emphasis in However, with its growing production capacity cushion, OPEC stands the global political discourse to be placed on advancing democratic ready to provide the world with the oil it needs. And it will continue to do political leadership that is responsive to the needs of all people. all in its power to maintain a stable and sustainable oil market, with fair Through the networks of the Commonwealth, and other regional and and reasonable prices for all parties – producers and consumers alike. international networks, and using the opportunities opened up by tech- It will also continue to pursue cooperation and dialogue among nological progress and human enterprise, let us work together to see the the industry’s main stakeholders, which it sees as key to achieving ambition and potential of our youth set free for the greater global good. the Organization’s desired goals. Abdulbaset Sieda Chandrajit Banerjee,Director General of Syrian National Council the Confederation of Indian Industry Hopes We step into the New Year amidst indications ■■ Transition to a pluralist, democratic, secular that global headwinds led by a weak US econ- society which guarantees the rights of individu- omy and the sovereign debt crisis of Europe als and institutions regardless of belief or ethnic would continue to pose major challenges for an origin, freedom of expression, or equality be- early turnaround of the world economy in 2013. tween men and women. The Indian economy would not be impervious to ■■ Rebuilding that which the Syrian regime has destroyed, materi- the effects of the slow-down of global growth. ally, psychologically and emotionally. Despite this, Indian industry is positive about the outlook for ■■ Laying foundations for a balanced, holistic reconstruction allow- 2013. For one, the US Congress’ efforts to stave off the fiscal cliff ing the Syrian economy to overcome the current state of stagna- have lifted investor sentiment across the world including India. tion with the aim of providing job opportunities for Syrian youth. The host of important reforms announced by the government of ■■ Building stronger relationships with neighbouring countries and India has done a lot of good to investor sentiments and should help globally based on mutual interest and the preservation of peace the economy regain some of the lost momentum. Other positive and security. factors which hold out hope in the New Year are the rebound in Fears industrial production in October, a secular decline in inflation and ■■ An increase in religious and ethnic extremism which would lead record inflows of foreign capital. A much anticipated interest rate to widespread repercussions and consequences threatening the reduction by the end of the month, as signalled by the RBI, and a unity of Syrian society which had hitherto been unique in its pro-growth budget would further boost sentiments. rich diversity of religions, traditions and ethnicities. However, challenges remain. The precarious economic conditions ■■ Fear of instability after the fall of the current regime as a side in US and Europe would continue to have a bearing on the Indian effect of the possibility of collaboration between its supporters economy. Besides, the political compulsions at home may slow and regional allies. This could translate on the ground into a down the reform process. But for now, the worst seems to be over. series of attacks, assassinations and murder. ■■ Financial corruption which would have a negative impact on Michael Chilufya Sata development and reconstruction projects. President of the Republic of Zambia These are the hopes and fears I have for Syria during 2013. The My government is committed to transparency, good hopes will never be realised and the fears never banished if we do governance and the fight against corruption in order not eliminate all forms of extremism, be they religious, ethnic or to achieve a steady and reliable high rate of econom- ideological, and if we do not engage in a serious national dialogue ic growth thereby creating a better Zambia for all. with open hearts and minds based on mutual respect. Zambia has strong growth prospects but re- mains poorly integrated into the global economy. Abdalla Salem El-Badri Ensuring that Zambia is fully integrated into the global economy is Secretary General of OPEC reduction as well as diversifying the economy away from supply-central to my government’s policy of driving growth and poverty As the year 2012 continued to witness a recovery ing unprocessed natural resources. in the global economy, albeit on a slow scale, it The government’s efforts to promote economic growth and de- was evident that the ample supply of crude oil velopment has in the past been hampered by the absence, and in from all concerned, including OPEC member some cases inadequate and poor, economic infrastructure particu- countries, played some role in this process. In larly roads, rail and power generation capacity. 2013 this trend is expected to continue and, as To address these concerns and to reduce costs incurred by the a major actor in the global energy scene, OPEC will continue to productive sectors of the economy, my government has prioritised ensure that the market is well supplied with oil. the improvement and development of economic infrastructure. Our latest studies for 2013 show that the global oil demand will It is the intention of my government, to significantly transform grow by 800,000 barrels/day. With oil supplies from non-OPEC Zambia’s economy, by focusing on industrialisation and job crea- sources alone expected to grow by 900,000 b/d during the year, it tion through foreign and local investment which prioritises the 14 lwww.global-briefing.org first quarter 2013global


Global 13
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