Economy Philippines may pause rate rises if inflation slows The Philippine central bank may consider pausing its monetary tightening next month if April inflation does not accelerate, the bank’s governor said. Bangko Sentral ng Pilipinas governor Felipe Medalla said in a telephone message to Reuters that a pause in interest rate increases was possible “if the April CPI (consumer price index) is not higher […] April 10, 2023
Opinion Economy Opec+’s cuts will be viewed dimly by the US The cuts are here to stay, and the global economy will need to adjust April 7, 2023
Economy Egyptian interest rates nearing a 30-year high Interest rates in Egypt could soon reach a 30-year high, according to economists, amid fears that core inflation, already at a record 40.3 percent, will rise further. Last week, the Central Bank of Egypt (CBE) increased its overnight deposit rate and lending rate by 200 basis points (bps) to 18.25 percent and 19.25 percent respectively. […] April 7, 2023
Economy World Bank lowers GCC growth forecast to 3.2% in 2023 The World Bank has lowered the economic growth projection for the Gulf Cooperation Council (GCC) to 3.2 percent for 2023 and 3.1 percent in 2024 in its latest update. It comes after GCC economies grew 7.3 percent in 2022. The fastest-growing economy within the GCC is forecast to be Oman at 4.3 percent growth. Saudi […] April 7, 2023
Economy World Cup boosts Qatar’s GDP growth to seven-year high A surge in economic activity in the last quarter of 2022 lifted Qatar’s annual GDP growth to 4.8 percent – a level of growth unseen since the middle of the last decade, according to new data from S&P Global Market Intelligence. The Gulf state’s real GDP grew by a robust 8 percent year on year […] April 6, 2023
Economy Iranian and Saudi envoys meet in China as ties resume The foreign ministers of Iran and Saudi Arabia met in Beijing on Thursday for the first formal gathering of their top diplomats in more than seven years. The meeting was ahead of moves to resume travel, official and economic ties between the Middle East’s top powers. China brokered a deal last month to restore relations […] April 6, 2023
Analysis Economy The rise and fall of millionaires in Morocco and Egypt The number of millionaires living in Morocco has increased by 28 percent over the last 10 years, but fallen by 25 percent in Egypt. While Morocco was awarded a $5 billion credit line from the International Monetary Fund (IMF) this week to shield it from the impact of the pandemic, droughts and the Ukraine war, […] April 6, 2023
Economy Fitch upgrades Saudi to ‘A+’ on robust fiscal buffers Fitch Ratings has upgraded Saudi Arabia’s long-term foreign-currency issuer default rating (IDR) to ‘A+’ from ‘A’, with a stable outlook. The higher rating reflects the kingdom’s strong fiscal and external balance sheets, including solid debt-to-GDP ratio, robust sovereign net foreign assets and significant fiscal buffers in deposits and other public sector assets. Oil dependence, weak World […] April 6, 2023
Employment UAE sees strongest job growth since 2016 Employment in the UAE last month increased at the fastest rate in almost seven years as non-oil business activity continued its upward trajectory. Buoyed by growth in new orders and capacity pressures, the seasonally adjusted S&P Global UAE Purchasing Managers’ Index (PMI) rose to 55.9 in March, from 54.3 in February, its highest since November. […] April 5, 2023
Economy Easing inflation backs rate hike pause in Philippines Philippine annual inflation eased for a second consecutive month in March on slower rises in food and transport costs, data showed, supporting the case for the central bank to consider a pause in its monetary tightening cycle. The consumer price index rose 7.6 percent in March, the statistics agency said, below an 8 percent forecast […] April 5, 2023
Economy Turkey’s exports to Russia surge 262% in March Turkey’s exports to Russia jumped 262 percent year-on-year in March, according to Turkish exporters’ assembly figures, reflecting the surge in bilateral trade since Moscow’s invasion of Ukraine last year sparked a flurry of Western sanctions. Turkey, Black Sea neighbours with Russia and Ukraine, opposes both the war and the Western sanctions. Last month it halted […] April 5, 2023
Economy Sharp rise in export orders for Saudi non-oil firms Saudi non-oil companies recorded a sharp uplift in export orders from foreign companies in March, driven by improved market conditions and increased development spending, according to a new survey. Both output and new business rose markedly, supporting further growth in employment and purchases. Employment growth was also among the quickest seen in the past five […] April 4, 2023
Economy Bahrain lures investments with new ‘golden licence’ Bahrain has launched a ‘golden licence’, providing incentives to foreign and local companies with large-scale investment projects in the country. The move aims to propel investments and boost job creation as part of the country’s fiscal and economic reforms. Chrissi Zamora, CEO of Europe and Middle East at Dubai-based company set-up firm Healy Consultants Group, […] April 4, 2023
Manufacturing Turkish business conditions show tentative signs of improvement The embattled economy of Turkey took tentative steps towards a recovery in March, led by an increase in manufacturing and the first growth in new orders in a year-and-a-half. However, the effects of February’s devastating earthquakes, which killed more than 52,000 people in Turkey and Syria, are continuing to cause disruption, according to the Istanbul […] April 3, 2023
Economy Egypt’s Sisi heads to Saudi Arabia amid financial pressure Egyptian President Abdel Fattah Al Sisi has travelled to Saudi Arabia as Cairo continues to seek financial inflows to ease pressure on its currency and bolster a faltering economy. Sisi was welcomed in Jeddah on Monday morning by Saudi Crown Prince Mohammed bin Salman. Oil-rich Saudi Arabia has long provided financial support to Egypt but […] April 3, 2023
Economy Egypt approves extra $5.4bn in current budget for social care Egyptian President Abdel Fattah al-Sisi has approved additional budget spending of EGP165 billion ($5.4 billion) for this fiscal year ending in June, local media reported on Friday, citing the official gazette. The additional money was allocated for wages, subsidies and grants, and for social benefit spending, state-owned newspaper Al Ahram reported. Egypt is facing economic […] April 2, 2023
Economy S&P changes Turkey’s outlook to ‘negative’ amid high deficits S&P Global Ratings revised its outlook for Turkey to “negative” from “stable” on Friday, citing vulnerabilities from the country’s low policy rates, directed lending and regulatory control on its foreign currency positions and interest rates. Turkey continues to grapple with soaring prices of goods and services. And a devastating earthquake that hit the country earlier […] April 2, 2023
Expo 2020 legacy to swell Dubai’s economic growth Events organisations and business services are expected to benefit most from Dubai hosting the 2020 World Expo. A report issued on Friday from consultancy firm EY said the events sector – at AED75.5 billion ($20.6 billion) – is forecast to contribute the most gross value add (GVA) to the UAE’s economy. The calculation is based […] March 31, 2023
Economy Details behind Britain’s move to join trans-Pacific trade pact Britain on Friday agreed to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a trade pact based around the Pacific rim, as it seeks to build ties around the world after leaving the European Union. Here are some details of the agreement as Britain seeks post-Brexit trade wins in geographically distant but faster-growing […] March 31, 2023
Economy US official says Lebanon has ‘no other way out’ than IMF deal Lebanon has no alternative for economic recovery but to make progress on a deal with the International Monetary Fund (IMF), a senior US official said on Thursday. US assistant secretary of state for near eastern affairs Barbara Leaf visited Lebanon, which is suffering one of the world’s worst financial meltdowns, according to the World Bank, […] March 31, 2023
Economy Egypt to raise food subsidies by 20% in 2023-24 draft budget Egypt expects to raise its allocation for food subsidies by 20 percent and for petroleum products by 24 percent in the 2023-24 fiscal year, according to a draft budget approved by the cabinet on Wednesday. The budget forecasts GDP growth of 4.1 percent and inflation at an average rate of 16 percent during the next […] March 30, 2023
EXCLUSIVE Economy Brazil steps up efforts to engage UAE in free trade talks Brazil is keen to progress free trade negotiations with the UAE, a business leader has said, and working hard to “reduce resistance” from the country’s petrochemicals sector. Osmar Chohfi, president of the Arab Brazilian Chamber of Commerce, told AGBI that current resistances revolve around “some sensibilities by the Brazilian petrochemical industry fearing unfair competition” but […] March 30, 2023
