(MENAFN- The Peninsula) The government is taking steps to control inflation which has risen to 3.5 percent, an expert told a symposium at the Green Tent of Friends of the Environment Centre, organised in collaboration with Qafco.
The symposium focused on inflation and its impact on society.
Saeed Al Absi, Columnist and Economic Analyst, said inflation is at 3.5 percent according to sources, Al Raya reports. The government has taken steps to check inflation to protect consumers, including empowering the Consumer Protection Department to control prices and punish people involved in artificially jacking up prices.
He said most of global economies are suffering high inflation which is causing adverse impact on their growth. When prices go up, people cut expenditure and investment which negatively impacts economies.
Absi said there is no single unified definition of inflation. The most agreed one is that it is an average rise in the prices of goods and services and some experts expect inflation to be around 3.5 percent this year.
Dr Saif Al Hajri, Columnist, said economic issues are interlinked with social, cultural and political issues. Economic issues are global and not confined to any one geographical area or country. Any economic problem in one region or country affects other regions or countries. Coming generations are expected to face many economical challenges.
He said green economy (eco- friendly) can realise partnership between governments, the private sector and civil society and contribute positively to financial reforms and setting new standards for sustainable development and effective use of resources and skills. He said rules should be enforced to make use of renewable energy mandatory and reduce the use of fossil fuels.
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