Chair of the PABiH Delegation to PAM, Rejhana Dervišević, presented a report on global economic perspectives and the future of the Euro-Mediterranean and Gulf region

The Chair of the Delegation of the Parliamentary Assembly of Bosnia and Herzegovina (PABiH) to the Parliamentary Assembly of the Mediterranean, Rejhana Dervišević, presented today in Braga (Republic of Portugal), during the 18th plenary session of the Parliamentary Assembly of the Mediterranean (PAM), a report and a draft resolution on the topic 'From a decade of lost opportunities to a decade of transformation and co-operation - global economic prospects 2023/2024 and the future of the Euro-Mediterranean and Gulf region'“.

In her address as PAM's rapporteur for the economy, Mrs. Dervišević said that economic resilience is a vital issue for every member state of this international multilateral organization, and emphasized that, in order to ensure economic resilience to today's challenges, it would be necessary to effectively solve the problem of fragmentation of global economy, and co-operate and jointly steer economic policies that will solve existing structural imbalances and achieve balanced and sustainable economic growth.

Expressing the hope that the adoption of a resolution on this topic would represent a step towards achieving economic growth in the PAM Member States, Mrs Dervišević said that the report on the economy for 2023/2024 analyses the current macroeconomic challenges, post-pandemic recovery efforts and global economic policy trends that will have an impact on the economic situation in the Euro-Mediterranean and Gulf region. According to Mrs. Dervišević, the fragmentation of the global economy negatively affects trade and investment flows, and diverts valuable resources needed for green transition, digital transformation and climate change mitigation/adaptation from the regions where they are most needed. Assessing that the data indicate that the prevailing macroeconomic challenges are not related to the economic cycle, but are of a structural nature, Mrs. Dervišević recommended the restructuring of political instruments with the aim of promoting balanced and sustainable economic growth and reduction of social-economic inequality.

In her words, the report also focused on the impact of the crisis in the Red Sea on international trade and the economy, as well as on the reduction of water levels in the Panama Canal due to climate change.

In addition, Dervišević said, the report also contains key recommendations and targeted actions to promote economic well-being and long-term prosperity in the PAM regions. She said the recommendations call for structural reforms to foster sustainable economic growth and development, which she said included strengthening the global value chain, transforming food systems and implementing WestMED recommendations.

In her address, the Chair of the PABiH Delegation to the PAM, Rejhana Dervišević, thanked the Assembly of the Republic of Portugal and the Mayor of Braga for the excellent organization of the PAM plenary session.

During the two-day plenary session of the PAM in Braga, MPs will also address a number of other issues and challenges facing the Member States of this international parliamentary organisation. (end)