Global economic crisis not over, may worsen:Kuwait » Kuwait Times Website

A Kuwaiti minister warned yesterday that the global economic crisis is not yet over and may even escalate further due to several factors, primarily the unstable economies of some European nations. In a statement delivered at the 29th session of Arab social affairs and labor ministers on behalf of Kuwait's Minister of Social Affairs and Labor Dr. Mohammad Al-Afasi, his Saudi counterpart Dr. Yousef Al-Othaimeen said that the international financial crisis had "persisted," and despite the prevailing
optimism that it might end in the near future, the possibility that it could worsen also remains, "since there have been no signs of a full-scale recovery of the international economy.

He continued on an ominous note, "In fact, there are some dangerous indications as a result of the collapse of the Greek economy and the potential disintegration of the economies of a number of European Union member countries." The financial crisis has caused widespread and unprecedented unemployment levels and an economic recession that might yet develop into depression, thus threatening to obstruct the regional states' development plans, warned Al-Afasi, in the speech delivered by Al-Othaimeen. The Kuwa
iti official was unable to attend yesterday's session due to his participation in a crucial parliamentary debate in Kuwait.

The global meltdown has also negatively affected regional nations' growth and reduced prosperity levels, thus boosting the spread of poverty and unemployment, limiting healthcare services and causing deterioration in education and public utilities, the Kuwaiti minister stated.