TRENDS Research and Advisory discussed on Wednesday the results of an economic study entitled: ” Human Capital Management in a Crisis-Ridden World: How to Preserve and Develop Wealth in Light of Global Economic Challenges.” The study was discussed on the “Government Communication Talk” platform, as part of the activities of the 12th edition of the “International Government Communication Forum 2023”, organized by the Sharjah Government Media Bureau at Expo Center Sharjah.
The study recommended the need to preserve human resources in light of potential global economic challenges, by enhancing the efficiency of public and private spending in the economy in terms of investment in people. The discussion recommended the continuous review of the effectiveness of public spending on education and the health sector of the UAE economy. The paper stressed that the banking sector and the social welfare funds sector play an important role in providing emergency support during periods of crisis.
Enhancing sustainability indicators
The results of the study concluded that all means of rapid support, including the financial, organizational and institutional means, should be linked to the fact that the recipients of support remain committed to enhance the sustainability indicators of human capital. This is in addition to the importance of developing expenditure on human capital, education, training and skills adaptation, taking into account the rapid rate of technological development and its interventions in productive activities. The panel stressed the need to expand technology localization policies and programs, to develop policies that empower national human capital in the face of economic fluctuations and emerging international crises.
Honoring TRENDS
TRENDS Research and Advisory was honored an official sponsor and strategic partner, on the sidelines of the Forum From, Tariq Saeed Allay, Director General of Sharjah Government. honored the Center as an official sponsor and strategic partner and a supporter of the ICGF vision and objectives. The Forum is organized this year under the slogan: “Today’s resources…Tomorrow’s Wealth.” The honor was received by Dr. Mohammed Abdullah Al-Ali, CEO of the TRENDS Research and Advisory, who praised the forum’s efforts to explore ways to harness and manage the resources and wealth owned by countries and societies. He said the IGCF discusses the modalities of how to turn resources into tools of success and sustainable development.
Global economic crises
Moza AlMarzouqi, Head of the Economic Studies Department, at TRENDS, reviewed the results of the economic study, prepared by the Economic Studies Department at TRENDS. The study focused on the extent to which human resources are affected by global economic crises. She reviewed the unique international experiences in managing human capital. She reviewed the state of the UAE economy and its human resources.
AlMarzouqi said that the diversity and multiplicity of repercussions suffered by human capital have become of particular and increasing importance in light of the development of the deepening international economic crises. This is especially true of the situation in the wake of the Corona crisis in 2020, the subsequent global crises in 2022 with the outbreak of the Russian-Ukrainian war, and the prevalence of inflation, recession and unemployment at the global level.
Human Resources in the UAE
The head of the Department of Economic Studies at TRENDS stressed that the transition from human resources management to development has gained increasing importance, in light of the increasing and interlinked international economic crises. She indicated that the UAE economy has proven record of resilience to sustain the crisis and was able to face its challenges efficiently and effectively. Sustainability is an issue in the top place of UAE policies. This is confirmed by declaring the year after the end of the Covid-19 crisis the UAE “Year of Sustainability”. The UAE’s vision is both a means to this sustainability and at the same time it is an ultimate goal.
Early Warning Centers
AlMarzouqi indicated that the mechanisms of managing and preserving economic wealth require sound financial planning, growth, risk-free investment, and ensuring the transfer of wealth for future generations. It requires optimizing the role of the public budget in managing human resources, preventing the impact of global economic crises on human resources, which include strengthening the government role before, during and after crises. She said there is a need for early warning centers to anticipate crises, and stressed the pivotal role of international organizations in crisis prevention.
Unique International Experiences
Moza AlMarzouqi reviewed the unique international experience in protecting the national human capital. She explained that the experiences of China, Singapore and Brazil are the most prominent in this field. The study drew several lessons from them, the most important of which is that spending funds on education and training is the most prominent immunity for human wealth against the risks of economic crises.
She indicated that increasing the proportion of the working-age population increases the ability of the economy to resist the pressures created by international crises. AlMarzouqi indicated that the current and investment levels on population health by governments is a means to preserve human resources, especially when transnational crises intensify. She explained that the national private sector has a role of paramount importance in reaching high levels of human capital indicators.
Short-term impact
On the state of the UAE economy and its human resources, the head of the economic studies department at TRENDS said that the study found that the development of the efficiency of public spending on education and health in the UAE was the reason for maintaining the UAE’s high rank in international human development index. This status contributed to its promotion to higher levels in
several successive reports. The impact of international economic crises on human resources in the UAE economy was for a short-term, while the long-term effects of economic crises on human resources are limited to change in the resilience and the responses to these crises over time.