Puma Energy CEO, Hadi Hallouche, joined former CNN anchor and correspondent, Hala Gorani, to discuss the risks and opportunities presented by the poly-crisis and de-globalisation in emerging markets during an Energy Talk at ADIPEC today.
The terms poly-crisis and de-globalisation have come to define the geo-political landscape in 2023. Whilst the poly-crisis refers to the simultaneous challenges of global inflation, soaring energy costs, geopolitical events in Europe, the refugee crisis, food insecurity and the climate crisis, de-globalisation can be interpreted as a response to the poly-crisis as governments around the world become more focused on their own security and self-reliance.
Hadi said: “In the short-term, developing and emerging markets in Africa, Latin America and APAC have been disproportionately impacted by the poly-crisis. Inflation has risen, energy costs have increased in USD amount and currencies have fallen versus the USD. However, I am optimistic about the future of developing and emerging markets because I believe in a new chapter of globalisation. A chapter where we can expect shorter, regional logistical chains and near-shoring.
“In this new chapter, developing and emerging markets will find opportunities to develop access to resources and capitalise on their young and growing population to set up manufacturing hubs, which in turn has the potential to spur investment in infrastructure—both physical and institutional—rather than just export raw commodities.”
