World needs another paradigm shift bringing together new types of inclusive economics - UNDP resident rep

Economy Materials 27 April 2024 13:12 (UTC +04:00)
World needs another paradigm shift bringing together new types of inclusive economics - UNDP resident rep
Laman Zeynalova
Laman Zeynalova
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RIYADH, Saudi Arabia, April 27. The world needs another paradigm shift bringing together new types of inclusive economics, Abdallah Al Dardari, UNDP Resident Representative in Afghanistan, said during the panel discussions on Pathway to Prosperity, Trend reports.

Multidimensional Poverty in Islamic Development Bank (IsDB) Member Countries held as part of the IsDB annual meetings.

“When we were working on the Millennium Development Goals (MDGs), we had a very good tool that could be linked to the MDGs progress and achievements. So that was a considerable paradigm shift in our thinking about economics in general. But then, when we started facing further challenges, which are inequality, unease amongst societies and within societies, leading to fragility and to conflict, it was difficult to say what's the reason, how come we have a good GDP growth and there is fragility in the society,” he said.

Al-Dardari believes that neoclassical economics has reached the limits.

“Therefore we need to think about another paradigm shift that brings together new types of inclusive economics. We are happy to be partnering with this and take humanity one step further in understanding the relationships between economics, human welfare, wealth, distribution, and sustainability,” he added.

The Islamic Development Bank Group (IsDB) is holding its 2024 Annual Meetings and Golden Jubilee in Riyadh from April 27-30, under the Royal Patronage of the Custodian of Two Holy Mosques, King Salman Bin Abdulaziz Al-Saud.

The 2024 Annual Meetings are being held under the theme of “Cherishing our Past, Charting our Future: Originality, Solidarity and Prosperity”, which marks IsDB’s 50 years of fostering socio-economic development in its member countries.

Among other topics, the meetings will also feature a roundtable on COP29 with the participation of Azerbaijani government representatives.

As the premier South-South multilateral development Bank, the 2024 IsDB Group Annual Meetings and Golden Jubilee are expected to attract international and regional attention. The Annual Meetings will feature a series of side events with top-level panelists from government, international and regional organizations, the private sector, academia, and civil society.

Ministers of Economy, Planning, and Finance from IsDB's 57 member countries will participate in the event, along with representatives of international and regional financial institutions, Islamic banks, private sector companies, national and international development finance institutions, international and regional organizations, NGOs, chambers of commerce & Industry, and business councils.