Wednesday 22 July 2020
Within the forum "Horizons of the accounting and financial future in preparation for its fifty", the Finance Department organized a discussion session entitled (The Art of Financial Data Management to Support the Agile Government's Trends in Confronting Crises), presented by Dr. Osama Al-Zoubi, a national accounts expert at the Statistics Center in Abu Dhabi; In it, he highlighted (gross domestic product and indicators of global competitiveness) .. He defined "gross domestic product" as ("market" monetary value of all final goods and services produced in an economy during a specific period, usually a year), Where goods and services are estimated in cash based on the prevailing prices during the estimation period. He also explained the difference between "competitiveness" and "competition"; Competitiveness is at the level of countries, and competition is at the level of companies and institutions .. Likewise, competitiveness provides the provision of added value and orientation to globalization, as competition becomes available, the field becomes available for innovation and for added value .. Also, global competitiveness is measured through the World Economic Forum with a report Global Competitiveness published by the "Davos Forum", measured by the "Global Competitiveness Yearbook" published by the "Global Competitiveness Center" part of the "International Institute for Administrative Development" in the Swiss city of Lausanne. Dr. Osama Al-Zoubi indicated that the economy is divided into a number of institutional sectors, and each sector consists of a number of institutional units; An institutional unit is an economic unit that is able to own assets and carry liabilities in its own name; This means that the institutional unit represents the center of legal responsibility and decision-making centers related to all aspects of economic life. The “institutional sectors” are (the non-financial companies sector, the financial companies sector, the general government sector, the households sector, the non-profit institutions that serve the household sector, then the rest of the world).