(MENAFN- Kuwait News Agency (KUNA)) CAIRO, May 18 (KUNA) -- Secretary General of Kuwait Banking Association Dr Hamad Al-Hassawi on Wednesday said that the Russian-Ukrainian conflict affected the global economic growth in 2022.
This came in Al-Hassawi's speech at the second session of the Union of Arab Banking Conference for 2022, held in Cairo.
He added that the war in Ukraine caused a humanitarian disaster, pointing out that the crisis affected the global economy while it was still recovering from COVID-19 effects, where it had a direct effect in the current global inflation.
Al-Hassawi stated that the Arab countries, mainly GCC states, 'could take advantage of oil gains to build preventive financial reserves, improve its financial and external budgets and prioritize targeted social spending and productive investment.'
'Policy-making has become more complex as the overall policy space for dealing with extraordinary shocks amid rising debt and inflation rates is diminishing,' he said. (end)
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