Heading the inaugural Indian Summit session, Bhalla said there was every indication that despite the housing and financial crises in the United States, there was a reasonable chance of avoiding recession - and this would be due to the impact of high growth rates in India and China.
He told the first day audience of more than 1,000 registered delegates that ten years ago, the US accounted for 25% of world GDP growth, while India and China collectively accounted for nine per cent.
"Today, the US has dropped to 20% but India and China economies have more than doubled and now together also contribute some 20%," he said.
"This gives us a hint as to why current circumstances will not result in global recession or depression."
Bhalla also stressed that the slowdown would not last long and suggested that inflation was another temporary phenomenon.
This positive viewpoint set the stage of the largest ever Arabian Hotel Investment Conference which has attracted the industry's power players to Dubai to help steer the development of the hospitality sector in the Middle East and the wider world stage.
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Global economy safe, says Indian economist
- United Arab Emirates: Sunday, May 04 - 2008 at 07:51
- PRESS RELEASE
Top economic guru and chairman of Oxus Investments, Surjit Bhalla, delivered the opening keynote speech at the Arabian Hotel Investment Conference at Madinat Jumeirah today, setting out an optimistic canvas for continued growth of the global economy.
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Platinum sponsors of the 2008 event include: Bawadi, IFA Hotels & Resorts, Jones Lang LaSalle Hotels, Ministry of Brazil, Nakheel Hotels and The Rezidor Hotel Group.Gold Sponsors include Abu Dhabi Tourism Development and Investment Company (TDIC), Accor SA ME, Aldar Hotels & Hospitality, Almulla Holding LLC, Arabian Travel Market, Breaking Travel News, Christie + Co, Cushman & Wakefield Hotels, Davis Langdon LLP, DLA Piper, DLF Hotels, Emaar Hospitality Group, Emirates Airline, Fairmont Raffles Hotels International Inc, Godwin Austen Johnson, Golden Tulip MENA Region, Group RCI, GuestInvest, Hamilton Hotel Partners, Heller Ehrman, Hilton Hotels, Horwath HTL, HVS, iBAHN, InterContinental Hotels Group, Interval International, Jumana - Secret of the Desert, Jumeirah, Kempinski Hotels, Langham Hotels International Limited, Layia Hospitality, Marriott International, Molinaro Koger, Morgan Stanley, Mövenpick Hotels & Resorts, Mozambique Tourism Anchor Investment Program, Northcourse Real Estate Leisure Solutions, OBM International, Rakeen, Rotana, Shaza Hotels, Starwood Hotels & Resorts, Strategic Solutions, Taj Hotel Resorts & Palaces, Tiara Hotels & Resorts, TDO - Tourism Development Organisation (MENA), TRI Hospitality Consulting, Turks & Caicos Islands, Vision Hospitality Asset Management, WATG, West LB and Wyndham Hotel Group International.
Media sponsors include AME Info, ATM, Breaking Travel News, CNBC Arabia, CNN, Destinations of the World, HOTELS, Hospitality News Magazine, Luxury Hotelier, Sleeper and TTN.
Supporters: Dubai Convention Bureau, The Emirates Academy of Hospitality Management, IBLF, IH&RA, Native Energy, Villeroy & Boch, WTTC.
Media Enquiries to Strategic Solutions:
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About the organisers:
The Bench
The Bench, a global partner with Smith Travel Research (STR), is a market leader in providing daily, weekly and monthly benchmarking data to more than 34,000 hotels worldwide. As the leading provider of online real-time benchmarking data, The Bench brings accurate hotel performance statistics to the market at an unparalleled speed.
Jonathan Worsley, Chairman of The Bench is one of the organisers and founders of the International Hotel Investment Forum (www.berlinconference.com) and is responsible for launching and co-organising the Arabian Hotel Investment Conference and the Russia & CIS Hotel Investment Conference (www.russia-cisconference.com). Worsley sits as an advisor to the World Travel & Tourism Council which represents many of the leading companies operating worldwide in the travel and tourism industry www.thebench.com
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Tel: +44 208 297 2053
Sally Marwaha
Tel: +44 (0)1244 341956
About MEED
MEED is internationally recognized as providing essential business intelligence for anyone doing business in, or with, the Middle East and North Africa. With journalists and contacts across the entire Middle East and North Africa region, MEED provides reliable, up-to-date business news, analysis and data in both print and online. MEED attracts customers from across 78 countries worldwide.
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Posted by Anne-Birte Stensgaard, Senior News EditorSunday, May 04 - 2008 at 07:51 UAE local time (GMT+4)
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