WHO OWNS WORLD RESOURCES?

BY DR SOHA MAAD

Introduction

Latest world development, mainly wars and alliances, motivates us to raise the question of who owns world resources. Food security, oil and gas supply and distribution, healthcare provision, and rising prices coupled with shortage in life essential products and services are becoming a major concern for world populations.

This article presents worlds statistics on ownership of world resources with particular focus on top countries producing oil, gas, wheat, and sugar. Following these statistics, the article overviews latest development in global wars and COVID-19, and sheds light on impact of wars on global economy with particular focus on Russia invasion to Ukraine (Russia – Ukraine war). Impact analysis from IMF, OECD, UNCTAD, and world experts are overviewed. The article concludes with recommendation for Arab banks to play a key role in governing and ensuring fair and equitable distribution of world resources and in restoring world resources imbalances by working at local and global levels to develop the Global Supply Chain, boost agriculture production and technologies, counter-act cyber wars, conduct RDI Research, Development, and Innovation, explore alternative sources of energy, and prevent global health crisis.

Owners of world resources

This section presents worlds statistics on ownership of world resources with particular focus on top countries producing oil, gas, wheat, and sugar.

 OIL

Oil generates revenue for countries with enough oil reserves to produce more oil than they consume. For economies that are heavily dependent on imports, oil expenditures must be factored into national budgets. Events such as unrest in oil-producing regions, new oil field discoveries, and advances in extraction technology profoundly affect the oil industry. Most of the time, the top oil-producing countries in the world make a lot of profit from their production.

Global production of oil and other petroleum liquids averaged 95.5 million barrels per day (b/d) in 2021, according to the United States Energy Information Administration. The top three producing countries are the United States, Saudi Arabia and Russia. The top five producers include Canada and China.

Key facts:

  • Despite continuing growth in renewable energy, oil production continues to play a key role in the global economy.
  • According to the most recent data, the top five oil-producing nations are the United States, Saudi Arabia, Russia, Canada, and China.
  • The United States became the world’s top petroleum liquids producer in 2013 and the world’s top crude producer in 2018.
  • Russia’s production has been held back by Western sanctions but its clout in the global oil market increased after it formed the OPEC+ alliance with Saudi Arabia and other key exporters.
  • China’s production meets just over a third of its oil consumption. leaving it the world’s largest petroleum importer.

World’s Top Oil Producers

#

Country

Yearly Oil Production
(Barrels per day)

1

United States

14,837,639,510

2

Saudi Arabia

12,402,761,040

3

Russia

11,262,746,200

4

China

4,905,070,874

5

Canada

4,596,724,820

6

Iraq

4,443,457,393

7

Iran

4,376,194,355

8

United Arab Emirates

3,772,788,273

9

Brazil

3,242,957,836

10

Kuwait

2,990,544,137

Sources: United States Energy Information Administration, Knoema, Investopedia, world population review, worldometers, CIA World Factbook

United States

The United States U.S. is the top petroleum liquids producer in the world, averaging 18.6 million barrels per day (b/d) to account for 20% of the world’s production in 2020. It is also the top producer of crude oil.

Much of the increased U.S. crude oil production is attributable to hydraulic fracturing, or fracking, in Texas and North Dakota.

Saudi Arabia

Saudi Arabia contributes 10.8 million b/d, representing 11% of the world’s total petroleum liquids production. It holds 15% of the world’s proved oil reserves and is the largest crude exporter. Saudi Arabia is member of the Organization of the Petroleum Exporting Countries (OPEC).

According to the CIA World Factbook, the petroleum sector accounts for roughly 42% of the country’s gross domestic product (GDP), 87% of its budget revenues, and 90% of export earnings. Saudi Arabia’s major oil fields include Ghawar, Safaniya, Khurais, Manifa, Shaybah, Qatif, Khursaniyah, Zuluf, and Abqaiq.

Russia

Russia is one of the world’s top oil producers with an average of 10.5 million b/d in 2020, accounting for 11% of global production.

The oil industry in Russia was privatized after the fall of the Soviet Union, but the state has since forced a consolidation and asserted more control over the sector.

Western sanctions imposed after Russia’s invasion of Ukraine in 2014 have barred Russian energy companies from accessing United States capital markets and drilling technologies. In 2017, the 14 OPEC members and 10 non-OPEC oil exporters led by Russia formed OPEC+, which now sets export quotas for members and plays an influential role in global energy markets.

Canada

Canada holds the fourth spot among the world’s petroleum liquids producers. Canada’s main sources of oil production are the oil sands of Alberta, the Western Canada Sedimentary Basin, and Atlantic offshore fields.

China

China accounts for 5% of oil world’s production. China was the world’s largest oil importer in 2017. China’s oil consumption of 14.3 million b/d in 2021 made it the world’s second-largest consumer in the world after the United States.

GAS

Natural gas is a naturally occurring hydrocarbon and non-renewable fossil fuel that forms below the Earth’s surface. Natural gas is used for heating, cooking, and electricity generation. Natural gas can also be used as fuel for motor vehicles and in the manufacture of plastics. While natural gas does technically still contribute to climate change when burned, it also burns much more cleanly than other fuels such as coal and oil.

World’s Top Gas Producers

#

Country

Cubic Meters

 (2020)

1

United States

914.6 billion

2

Russia

638.5 billion

3

Iran

250.8 billion

4

China

194 billion

5

Qatar

171.3 billion

6

Canada

165.2 billion

7

Australia

142.5 billion

8

Saudi Arabia

112.1 billion

9

Norway

111.5 billion

10

Algeria

81.5 billion

Sources: United States Energy Information Administration, Knoema, Investopedia, world population review, worldometers, CIA World Factbook

World’s Top Gas Consumers

#

Country

Cubic Meters

(2020)

1

United States

832 billion

2

Russia

411.1 billion

3

China

330.6 billion

4

Iran

233.1 billion

5

Canada

112.6 billion

6

Saudi Arabia

112.1 billion

7

Japan

104.4 billion

8

Germany

86.5 billion

9

Mexico

86.3 billion

10

United Kingdom

72.5 billion

Sources: United States Energy Information Administration, Knoema, Investopedia, world population review, worldometers, CIA World Factbook

Top Countries with the Largest Natural Gas Reserves

Rank

Country

Reserves

Cubic Meters

Reserves Cubic Feet

% of Global

Reserves

1

Russia

37.4 trillion

1320.5 trillion

19.9%

2

Iran

32.1 trillion

1133.6 trillion

17.1%

3

Qatar

24.7 trillion

871.1 trillion

13.1%

4

Turkmenistan

13.6 trillion

480.3 trillion

7.2%

5

United States

12.6 trillion

445.6 trillion

6.7%

6

China

8.4 trillion

296.6 trillion

4.5%

7

Venezuela

6.3 trillion

221.1 trillion

3.3%

8

Saudi Arabia

6.0 trillion

212.6 trillion

3.2%

9

United Arab Emirates

5.9 trillion

209.7 trillion

3.2%

10

Nigeria

5.5 trillion

193.3 trillion

2.9%

Sources: United States Energy Information Administration, Knoema, Investopedia, world population review, worldometers, CIA World Factbook

Russia

Russia has the largest natural gas reserves in the world and exports more natural gas than any other country, shipping an estimated 238 billion cubic meters of gas in 2020. Natural gas for automotive use is highly encouraged in Russia

Iran

Iran has the world’s second-largest natural gas reserves. Iran is one of the most hydrocarbon-rich areas in the world, with roughly 145 hydrocarbon fields and 297 oil and gas reservoirs discovered so far and the potential for more. At present, Iran is utilizing only a small portion of its gas reserves, making it one of the few countries capable of supplying much larger amounts of natural gas in the future.

Qatar

Qatar holds just over 13% of total world natural gas reserves. The majority of the country’s reserves are located in the offshore North Field. In an effort to expand its natural gas export and reclaim its place as the world’s top liquefied natural gas exporter, Qatar began drilling expansion in North Field and plans on increasing output by 60%.

United States

The United States (U.S.) has an abundance of natural gas reserves, the largest of which are located in Texas, Oklahoma, and Louisiana. It is estimated that the United States has enough natural gas to last at least another 60 years or more. In addition to its own natural gas production, the U.S. also imports natural gas from Canada and Mexico in pipelines.

Saudi Arabia

Saudi Arabia has the fifth-largest natural gas reserves in the world, mostly located in the Persian Gulf. As the largest exporter of crude oil in the world, Saudi Arabia is planning to start exporting natural gas as well. While the kingdom primarily runs on oil to produce power, it is planning on making the switch to produce 70% of its power from natural gas and 30% from renewable energy.

WHEAT

Wheat is a widely cultivated crop whose seed is a grain used all over the world as a staple food. Of the thousands of known wheat varieties, the most important are common wheat (Triticum aestivum), durum wheat (T. durum), and club wheat (T. compactum). Wheat is cultivated as a cash crop, as it produces a good yield per unit area, grows well in a temperate climate with a moderately short growing season, and yields a versatile, high-quality flour. The majority of wheat flour is used to make products including bread, pasta, cereal, pastries, cookies, crackers, muffins, tortillas, and pitas.

Wheat is the second-most-produced cereal grain behind maize, and the global trade of wheat is greater than all other crops combined. In 2020, the total global production of wheat was 760 million tons. China, India, and Russia are the three largest individual wheat producers in the world, accounting for about 41% of the world’s total wheat production. The United States is the fourth-largest individual wheat producer in the world. However, the European Union, if it were counted as a single country, its wheat production would exceed that of any country except China.

World’s Top Wheat Producers

#

Country

Tons

(2020)

1

China

134,254,710

2

India

107,590,000

3

Russia

85,896,326

4

United States

49,690,680

5

Canada

35,183,000

6

France

30,144,110

7

Pakistan

25,247,511

8

Ukraine

24,912,350

9

Germany

22,172,100

10

Turkey

20,500,000

Sources: worldometers , FAOSTAT – Food and agriculture data by FAO (Food and Agriculture Organization of the United Nations), The State of Food Insecurity in the World published by FAO, World Population Prospects published by the United Nations Population Division, United Nations Statistics Division, the World Bank, the world population review, International Wheat Production Statistics – Wiki, Wheat Production – Food and Agriculture Organization of the United Nations, the Institute of Food Science and Technology, CIA World Factbook and Investopedia.

Russia’s 2022 invasion of Ukraine has a major impact on global wheat production.

Russia and Ukraine together account for nearly 30% of the global wheat trade. As a result, Russia’s 2022 military invasion of the Ukraine sent global wheat prices soaring, with Ukraine’s production ability compromised and many countries restricting or shutting down trade relations with Russia. Russia is also a major supplier of fertilizer, which is vital to maximizing crop yields, which adds another layer of complication for farmers.

SUGAR

A large number of countries in the world produces sugar. Sugar is also an important export in many countries worldwide.

The top ten countries in order of the amount of overall sugar they produce are Brazil, India, China, Thailand, the United States, Pakistan, Mexico, Russia, France, and Germany.

India was the first country to ever produce sugar. Sugar is often produced from beets. According to the Food and Agriculture Organization of the United Nations, 124 countries produce sugar. Djibouti produces the least amount of sugar, whereas the South American powerhouse country of Brazil easily out-produces every country in the world in terms of sugar.

The sugar industry is 80% comprised of sugarcane production. The rest of the sugar production is broken down into beet sugar, cane sugar, raw sugar, and then very small amounts of other unclassified types of sugar. The global industry of sugar manufacturing is no longer accelerating as rapidly as it once did. Although the industry is experiencing a slight decline in jobs, revenue, employees, and overall production levels of sugar, the industry has gone through a dip in sales and production. It would not be surprising to find that the industry begins to take off once more in the near future.

World’s Top Sugar Producers

Country

Sugar Production (tonnes) 

2022 Population

Brazil

37,300,000

215,353,593

India

26,605,000

1,406,631,776

China

11,474,000

1,448,471,400

Thailand

10,024,000

70,078,203

United States

7,666,000

334,805,269

Pakistan

6,103,000

229,488,994

Mexico

6,021,292

131,562,772

Russia

5,249,339

145,805,947

France

4,692,000

65,584,518

Australia

4,364,000

26,068,792

Sources: worldometers , FAOSTAT – Food and agriculture data by FAO (Food and Agriculture Organization of the United Nations), The State of Food Insecurity in the World published by FAO, World Population Prospects published by the United Nations Population Division, United Nations Statistics Division, the World Bank, the world population review, International Wheat Production Statistics – Wiki, Wheat Production – Food and Agriculture Organization of the United Nations, the Institute of Food Science and Technology, CIA World Factbook and Investopedia.

Global war AND COVID-19 SPREAD

This section overviews key facts and figure of Russia war on Ukraine, the related cyber war and social media misinformation, and the rising COVID-19 spread from this war.

War Facts and Figures

Russia launched a full-scale military invasion into Ukraine on February 24, 2022. This has caused over nine hundred civilian deaths and pushed millions of Ukrainians to flee to neighbouring countries.

On February 24, Putin announced the beginning of a full-scale land, sea, and air invasion of Ukraine targeting Ukrainian military assets and cities across the country. Biden declared this attack “unprovoked and unjustified” and has since issued severe sanctions in coordination with European allies targeting four of Russia’s largest banks, its oil and gas industry, and United States technology exports to the country.

The United Nations, Group of seven G7, European Union EU, and other countries continue to condemn Russian actions and support Ukrainian forces. In an emergency United Nations session, 141 of 193 member-states voted to condemn Russia’s invasion of Ukraine and demanded that Russia immediately cease its use of force in Ukraine. The United States has issued escalating sanctions on the financial assets of Putin and Sergey Lavrov, Russia’s foreign minister, removing Russian banks from the global SWIFT financial messaging system, and banning United States imports of Russian oil and natural gas.

Direct negotiations between Russia and Ukraine have continued with Russia announcing in late March 2022 that it would reduce military activity near Kyiv and Chernihiv. Meanwhile, Russian forces continue to combat the major Ukrainian cities. Several Russian long-range missile strikes have caused significant damage to Ukrainian military assets, urban residential areas, and communication and transportation infrastructure. Hospitals and residential complexes have also sustained shelling and bombing attacks. Civilians in Mariupol, a port city in south eastern Ukraine, have been facing an ongoing humanitarian crisis with acute shortages of food, water, and heat. Russian forces have surrounded the city for weeks with aerial bombardments that have killed hundreds of civilians.

This conflict has severely strained United States and Russia relations and increased the risk of a wider European conflict. Tensions are likely to increase between Russia and neighbouring North Atlantic Treaty Organization (NATO) member countries. Additionally, the conflict in Ukraine will have broader ramifications for future cooperation on critical issues like cybersecurity, and energy security.

Russia’s invasion has the potential to set up a clash of nuclear world powers. It is destabilizing the region and terrorizing Ukrainian citizens. It could also impact inflation, gas prices, and the global economy.

The war in Ukraine is likely going to become more violent. It is exacerbating the humanitarian catastrophe on the ground in Ukraine, as shelling cuts off power stations and other supply lines, effectively trapping people within war zones in sub-zero temperatures without electricity or water, and with dwindling food, fuel, and medical supplies. In Mariupol, a city of 400,000 that has been under Russian siege for days, people were reportedly melting snow for drinking water. Humanitarian groups say the fighting is making it difficult to deliver aid or to reach those civilians left behind often elderly or disabled people, or other vulnerable populations that didn’t have the ability to flee.

Cyber War

Ukraine has been the target of thousands of cyberattacks. In December 2015, more than 225,000 people lost power across Ukraine in an attack on power generation firms, and in December 2016 parts of Kyiv experienced another power blackout following a similar attack targeting a Ukrainian utility company. In June 2017, government and business computer systems in Ukraine were hit by the NotPetya cyberattack, which was attributed to Russia. The attack spread to computer systems worldwide and caused billions of dollars in damages. In February 2022, Ukrainian government websites, including the defence and interior ministries, banking sites, and other affiliated organizations were targeted by distributed-denial-of-service attacks alongside the Russian invasion.

United States President Joe Biden has called on private companies and organisations in the United States to “lock their digital doors”, claiming that intelligence suggests Russia is planning a cyber-attack on the United States.

The United Kingdom’s cyber-authorities are also supporting the White House’s calls for increased cyber-security precautions.

Russia is a cyber-superpower with a serious arsenal of cyber-tools, and hackers capable of disruptive and potentially destructive cyber-attacks. Experts fear that Russia may go on a cyber-offensive against Ukraine’s allies.

The hacks that experts most fear are:

  • BlackEnergy – targeting critical infrastructure attack: In 2015 Ukraine’s electricity grid was disrupted by a cyber-attack called BlackEnergy, which caused a short-term blackout for 80,000 customers of a utility company in western Ukraine.
  • NotPetya – uncontrollable destruction: NotPetya is thought to be the most costly cyber-attack in history and has been blamed on a group of Russian military hackers by the United States, United Kingdom and European Union authorities. The destructive software was hidden in an update of popular accounting software used in Ukraine, but spread worldwide destroying the computer systems of thousands of companies and causing approximately $10bn (£7.5bn) of damage.
  • Colonial Pipeline – cyber-criminal attacks: In May 2021, a state of emergency was declared in a number of United States states after hackers caused a vital oil pipeline to shut down.

Social Media Misinformation

Facebook has reported a rise in hacking and disinformation amid the Russian invasion of Ukraine. Facebook-owner removed a hacking campaign in which Russian-linked hackers attempted to break into the accounts of Ukrainian military officers to upload videos of surrendering Ukrainian soldiers.

This is example of a rise in hacking and disinformation amid the Russian invasion of Ukraine. The company also reported an increase in domestic disinformation and propaganda in countries around the world, suggesting that tactics pioneered by foreign intelligence agencies are now being used more widely.

Rising COVID-19

The World Health Organization WHO warned that war in Ukraine will increase Covid-19 transmission, putting large numbers of people at risk of severe disease. Some experts say that the war in Ukraine and the ensuing flood of refugees to other countries could spur another surge of COVID-19.

Adding to the brutal, immediate effects of Russia’s invasion, the Ukrainian people are facing an onslaught of infectious diseases. Some threats such as the spread of COVID-19 are immediate, as people huddle in basements, subway stations and temporary shelters to protect themselves from bombardments. Without adequate water and sanitation, cases of diarrhoeal diseases are certain to rise.

Impact on global RESOURCES

This section presents an analysis of the impact of global war on world resources and global economy. Views and perspectives from International Monetary Fund IMF, Organisation for Economic Co-operation and Development (OECD), United Nations Conference on Trade and Development UNCTAD, and world experts are overviewed

IMF Impact Analysis

IMF foresees that Russia’s invasion of Ukraine may ‘fundamentally alter’ the global economic order. The war in Ukraine is hurting the economies of Russia and its neighbour, with both countries expected to experience sharp recessions. But the economic consequences of the fighting will not only be felt by the parties to the conflict. Sanctions imposed on Russia and the soaring price of energy supplies could also inflict pain on other nations. The International Monetary Fund (IMF) says the war could have a severe effect on the global economy. It expects to cut its growth forecast globally.

Beyond the suffering and humanitarian crisis from Russia’s invasion of Ukraine, the entire global economy will feel the effects of slower growth and faster inflation.

Impacts will flow through three main channels:

  • Higher prices for commodities like food and energy will push up inflation further, in turn eroding the value of incomes and weighing on demand.
  • Neighbouring economies will face disrupted trade, supply chains, and remittances as well as an historic surge in refugee flows.
  • Reduced business confidence and higher investor uncertainty will have an impact on asset prices, tightening financial conditions and potentially spurring capital outflows from emerging markets.

Russia and Ukraine are major commodities producers, and disruptions have caused global prices to soar, especially for oil and natural gas. Food costs have jumped, with wheat, for which Ukraine and Russia make up 30 percent of global exports, reaching a record. Figure 1 shows growing pressures from rising prices for energy, grains, and metals since the invasion of Ukraine, signalling that inflation rates are poised to accelerate.

Beyond global spill-overs, countries with direct trade, tourism, and financial exposures will feel additional pressures. Economies reliant on oil imports will see wider fiscal and trade deficits and more inflation pressure, though some exporters such as those in the Middle East and Africa may benefit from higher prices.

Steeper price increases for food and fuel may spur a greater risk of unrest in some regions, from Sub-Saharan Africa and Latin America to the Caucasus and Central Asia, while food insecurity is likely to further increase in parts of Africa and the Middle East.

IMF is revising its growth forecasts. On the longer term, the war may fundamentally alter the global economic and geopolitical order should energy trade shift, supply chains reconfigure, payment networks fragment, and countries rethink reserve currency holdings. Increased geopolitical tension further raises risks of economic fragmentation, especially for trade and technology.

UNCTAD Impact Analysis

UNCTAD’s rapid assessment of the war’s impact on trade and development shows a rapidly worsening outlook for the world economy, with the situation especially alarming for African and least developed countries.

UNCTAD report published in March 2022 also shows heightened financial volatility, sustainable development divestment, complex global supply chain reconfigurations and mounting trade costs.

Concern are revolving over the two fundamental “Fs” of commodity markets – food and fuels. Ukraine and Russia are global players in agri-food markets, representing 53% of global trade in sunflower oil and seeds and 27% in wheat.

This rapidly evolving situation is especially alarming for developing nations. As many as 25 African countries, including many least developed countries, import more than one third of their wheat from the two countries at war. For 15 of them, the share is over half. Soaring food and fuel prices will affect the most vulnerable in developing countries, putting pressure on the poorest households which spend the highest share of their income on food, resulting in hardship and hunger.

According to UNCTAD calculations, on average, more than 5% of the poorest countries’ import basket is composed of the products that are likely to face a price hike due to the war. The share is below 1% for richer countries.

The risk of civil unrest, food shortages and inflation-induced recessions cannot be discounted, particularly given the fragile state of the global economy and the developing world due to the COVID-19 pandemic.

Restrictive measures on airspace, contractor uncertainty and security concerns are complicating all trade routes going through Russia and Ukraine. The two countries are a key geographical component of the Eurasian Land Bridge.

In 2021, UNCTAD simulated that the freight rate increase during the pandemic raised global consumer prices by 1.5%, with particularly oversized effects in vulnerable economies such as small island developing states, landlocked developing states and least developed countries.

OECD Impact Analysis

According to OECD, the war in Ukraine could cut global economic growth by more than one percentage point in the first year after the invasion, the impact could also cause a deep recession in Russia if it is sustained. OECD also warned that the conflict could push up prices globally by about 2.5%.

OECD called for targeted financial support for those on the lowest incomes in response.

Although Russia and Ukraine only make up a small percentage of the global economy, they are huge producers of raw materials.

The OECD assumes in its new research that oil prices will remain elevated by one-third, gas by 85% and wheat by 90%.

Outside Russia and Ukraine, OECD suggested that most pain would be felt in Europe, with up to 1.4% knocked off the economy.

Europe is more dependent on Russia and Ukraine for supplies of energy as well as food. The countries have, in the past, been described as the “breadbasket” of Europe.

Ukraine War’s Global Economic impact will hit the poorest hardest, according to OECD.

Russia’s invasion of Ukraine will be felt by households around the world through higher energy and food prices, with disruptions to trade and fragile confidence contributing to a significant weakening of global economic growth

Role for arab banks in balancing world resources

This article reveals the importance of fair governance and equitable distribution of world resources.

The analysis by OECD, IMF, UNCTAD, and world experts of the impact of Russia war on Ukraine reveals serious dangers to world resources and economies. This is manifested in rising prices, inflation, trade barriers, health care crisis, and cyberattacks. This is leading to economic downturn and stagflation with the poorest countries mostly hit by the adverse impact.

In light of this, we suggest the following recommendations for Arab banks and government. These recommendations should be seriously considered in order for Arab banks and authorities to play a key role in governing and ensuring fair and equitable distribution of world resources and in restoring world imbalance, by jointly acting at local and global levels.

Recommendation #1: Developing the Global Supply Chain

Arab banks and authorities should invest in developing the global supply chain to ensure continuous global trade flow and prevent trade blockage. They should also contribute to world standards for tracking trade performance. Technology is key enabler in this respect.

Recommendation #2: Boosting Agriculture Production and technologies

Arab banks and authorities should invest in developing the agriculture sector to boost food production in order to address food security problems caused by world conflicts in top countries owners of world resources. To this end, Arab banks and authorities should support large scale capacity development programs to farmers and SMEs involved in agricultural production. Moreover, investment in agro-technology (agriculture technology) is very important.

Recommendation #3: Counter-acting Cyber Wars

Cyber wars may be more destructive than real wars as we have seen in the case of Russia cyberattacks targeting Ukraine, United States, and United Kingdom. These cyber wars are causing damages to infrastructure and their impact is not limited to the technology sector but extends to all vital resources, products, and services in the economies.

Arab banks and authorities should build capacities and cyber-resilience skills to foresee, prevent, and counter act cyber wars.

Recommendation #4: RDI Research, Development, and Innovation

Arab banks and authorities should heavily invest in RDI Research, Development, and Innovation to:

  • Assess impact
  • Make decisions
  • Develop infrastructures
  • Accelerate digital transformation
  • Ensure security
  • Ensure fair distribution of resources

Recommendation #4: Explore Alternative Sources of Energy

Arab banks and authorities should invest in new sources of energy and support poorest nations in face of global imbalance and unfair control of world resources.

Recommendation #5: Preventing global health crisis

Arab banks and authorities should work jointly to prevent a global health crisis from new COVID-19 surge as well as surge in other pandemics caused by war, refugee, and deteriorating living conditions in war zones.

References

Aljazeera, IMF, IMF BLOG, Bloomberg, USDA Datastream, UNCTAD, OECD, BBC News, WALL STREET JOURNAL WSJ, Institut Montaigne, Statista, Investopedia, U.S. Energy Information Administration, Knoema, FAOSTAT – Food and agriculture data by FAO (Food and Agriculture Organization of the United Nations), The State of Food Insecurity in the World – FAO, World Population Prospects: The 2019 Revision – United Nations Population Division, United Nations Statistics Division, World Bank, World Population Review website, International Wheat Production Statistics – Wiki, Wheat Production – Food and Agriculture Organization of the United Nations, Institute of Food Science and Technology, New York Times, VOX, CNBC News, Investopedia, Wikipedia, Worldometer, CIA, World Health Organisation WHO, Harvard Health News, CNBC Health & Science, healthline, nature.com, Global Conflict Tracker, Euro News, CNN.

Share on Social Media
Leave a Comment