UNION OF ARAB BANKS ECONOMIC ASSESSMENT ALIGNS WITH B20 DIGITAL ECONOMY RECOMMENDATIONS
August 28, 2015
On August 28, 2015, senior representatives from leading banking associations across the Middle East and Africa gathered in Beirut, Lebanon, for the release of the Union of Arab Banks (UAB) Economic Assessment Report. The participating organizations represented more than 350 financial institutions across the region.
The discussions focused on how the report’s recommendations could be advanced through the implementation of Digital Economy solutions that improve trade efficiency, connectivity, and economic growth.
A key finding of the report was the need to strengthen inter-Arab trade while also deepening economic engagement with G20 economies, recognizing the significant opportunities available through greater international cooperation and market integration.
As a member of five B20 Task Forces, GCEL presented an analysis showing that the report’s recommendations closely aligned with the broader B20 economic agenda. The analysis also highlighted that 17 of the 25 key B20 draft recommendations could be significantly supported through Digital Economy initiatives.
GCEL emphasized that the Digital Economy has the potential to generate new growth across e-commerce, e-finance, and e-insurance, creating a global market opportunity estimated at USD 5.5 trillion while supporting the creation of more than 300 million jobs worldwide.
