The Gulf Organization for Industrial Consulting (GOIC) launched the Macroeconomic Indicators Workshop at the Organization's headquarters in Doha today. The event was attended by representatives from ministries of industry and commerce, environment, planning and statistics in GCC countries, the Secretariat-General of the Gulf Cooperation Council, the Consultative Assembly (Shura) of Oman, in addition to economic and financial analysts from different sectors and a number of Gulf companies' representatives.
In his opening remarks, GOIC Secretary General Abdulaziz Bin Hamad Al-Ageel stressed the importance of such trainings to build capacities and develop performance of the industrial sector staff. "GOIC has always provided key training and workshops to boost competitiveness of the industrial sector", opined Al-Ageel.
The workshop includes definitions of the most important economic indicators that professionals in the areas of economic and financial analysis and business need to master. It also involves studying basic economic principles such as demand and supply and market or economic equilibrium. The training raises awareness among participants about the importance of economic and industrial data and information to decision and policy making. Furthermore, the course highlights the difference between macroeconomic and microeconomic analysis and introduces methods to measure economic and financial performance and to study its impact on the industrial sector. The link between inflation, unemployment and these data is also explained.
This training is considered a reference in terms of dealing with economic indicators. It details modern international standards related to basic economic concepts. The main focus is on the dynamics of industrial productivity and the link between the industrial sector and governmental services.
Participants will discuss economic cycle's impact on the industrial sector, the role of money markets and banking sectors in economics and the role of central banks and monetary policies and their effect on economies, development and industrial sectors. The discussions will tackle fiscal policies, public budgets, public spending and repercussions of the financial market indicators on economies and industrial sectors.
The GOIC continuously seeks to boost individual and organizational capacities within the industrial sector of GCC countries and Yemen through its Training and Capacity Development Program.