Economy US dollar eyes best year since 2015 on Fed’s monetary stance The US dollar was on track for its best performance in seven years on Friday, having been buoyed by the Federal Reserve’s aggressive monetary policy tightening and concerns about the global growth outlook. The US dollar index, which measures the greenback against a basket of currencies, has surged more than eight percent this year, the […] December 30, 2022
Economy Egypt lifts import curbs, backs bigger private sector role Egypt has lifted a key restriction on imports and approved a list of economic activities the government would leave to the private sector, in an effort to meet two key conditions attached to the International Monetary Fund’s (IMF) $3 billion support package. In a statement, the central bank said it dropped a requirement for importers […] December 30, 2022
Opinion Economy Jon Hancock: Economic recovery in Libya lies with its entrepreneurs While Libya's political and social challenges will continue in 2023, economic progress is possible if we acknowledge commercial opportunities driven by Libyan entrepreneurs December 29, 2022
Employment Employment among Saudi citizens rises above 50% mark The participation rate of Saudi citizens in the labour market increased to 52.5 percent in Q3 from 49.8 percent in the same period last year, figures from the General Authority for Statistics showed. The overall unemployment rate – which includes citizens and non-Saudi residents – remained unchanged at 5.8 percent, the data released on Thursday showed. Unemployment […] December 29, 2022
Economy Vietnam 2022 GDP grows at the fastest pace since 1997 Vietnam’s gross domestic product grew 8.02 percent in 2022, the fastest pace annually since 1997, backed by strong domestic retail sales and exports. The reading is higher than an official growth target of 6-6.5 percent and growth last year of just 2.58 percent, when Covid-19 lockdowns left a dent on the economy and impacted factory […] December 29, 2022
Economy Turkey’s inflation likely to decline to 43.2% by 2023-end Turkey’s annual inflation is expected to fall sharply to 66.8 percent in December due to a favourable base effect but drop only to 43.2 percent by the end of 2023, a Reuters poll showed, while monthly price rises should remain elevated. The end-2023 forecast is nearly twice that of the government, and raises the prospect of continued […] December 29, 2022
Analysis Economy Less dramatic year ahead for Middle East post-Covid and oil boom era After the sugar rush of 2022, Gulf states will have to get used to less dramatic rates of growth in 2023, as economies stabilise following the immediate post-Covid period that coincided with the spillover effects from the Ukraine crisis. GCC growth averaged 6.5 percent in 2022, according to International Monetary Fund (IMF) estimates, and the […] December 28, 2022
Economy Japan central bank debates rising wages and fading deflation risks Bank of Japan (BOJ) policymakers saw the need to keep ultra-low interest rates but discussed growing prospects that higher wages could finally eradicate the risk of a return to deflation, a summary of opinions at their December meeting showed. Their increasing attention to mounting inflationary pressures could keep alive market expectations the BOJ will phase […] December 28, 2022
Economy Bahrain’s exports dropped 14% in November Bahrain’s exports of national origin dropped by 14 percent in November year-on-year reaching BD350 million ($931.6 million). According to the Information & eGovernment Authority, unwrought aluminium alloys were the top products exported during November this year, worth BD92 million. Bahrain real estate trends: From drive-thrus to cheaper hotels Bahrain’s GFH commences trading on Abu Dhabi […] December 27, 2022
Opinion Economy Oil and tech will keep Kuwait’s economy on the rise Digitisation is key to success but startups in the rest of the Mena region must buckle up for a bumpy ride December 27, 2022
Economy Sharjah approves 2023 budget with expenditure at $8.8bn Sharjah has approved its general budget for 2023 with total expenditures of nearly AED32.2 billion ($8.77 billion), state-run WAM news agency reported. Expenditures decreased by 12 percent from the 2022 budget, but without affecting the most critical areas, such as employment and economic and social development. Some 35 percent of next year’s budget has been […] December 27, 2022
Economy Tunisia union rejects 2023 budget and threatens to occupy streets Tunisia’s powerful UGTT union will hold mass protests and “occupy the streets” soon to show its rejection of next year’s austerity budget, the leader of the union said on Monday, in its strongest challenge to the government of President Kais Saied yet. The union, with more than a million members, has proven able to paralyse […] December 27, 2022
Opinion Sustainability Green for go as UK and UAE count down to Cop28 The environment will be a key theme as the UK and UAE look to commercialise innovations in sustainability December 26, 2022
Economy Israel exports to reach record of more than $160bn in 2022 Israel’s exports are expected to have risen more than 10 percent to a record level of at least $160 billion in 2022, led by exports of services, the Economy Ministry said on Sunday. Exports, some 30 percent of Israel’s economic activity, were $144 billion in 2021, when services overtook goods as the country’s main export […] December 26, 2022
Economy Hungary imposes windfall tax on drug producers to plug deficit Hungary’s government has imposed a windfall tax on drug producers based on net revenues generated in 2022 and 2023, as it tries to plug holes in the state budget. According to a government decree late on Friday, the rate increases progressively, and will be eight percent on net revenues exceeding 150 billion forints ($398 million). […] December 25, 2022
Economy Combined economies of GCC will hit $6trn by 2050 The gross domestic product (GDP) of the Gulf Cooperation Council (GCC) economies will grow to $6 trillion by 2050, Oman Daily Observer reported, citing Nasser bin Rashid Al Mawali, under-secretary of the Ministry of Economy. He said that the total GDP of the GCC states is likely to hit about $2 trillion by the end […] December 23, 2022
Economy Turkey holds rate at 9% despite soaring inflation Turkey’s central bank held interest rates steady at nine percent on Thursday despite soaring inflation, fulfilling a pledge to end a brief but sharp easing cycle after President Tayyip Erdogan had called for single-digit rates. The bank, seen by analysts to respond to Erdogan’s will, repeated that inflation of near 85 percent should give way […] December 23, 2022
Economy Japan to unveil record $864bn budget driven by military costs Japan is set to unveil on Friday a record $864 billion budget for the next fiscal year from April, pushed up by increased military spending and higher social security costs for a fast-ageing population, according to a final draft reviewed by Reuters. The draft budget – to be endorsed by Prime Minister Fumio Kishida’s cabinet […] December 23, 2022
Economy Turkey raises monthly minimum wage by 55% for 2023 Turkey’s monthly minimum wage will be 8,506.80 lira ($455) in 2023, the presidency said on Thursday – a 55 percent increase from the level determined in July and a 100 percent hike from January. Speaking at a news conference earlier, President Tayyip Erdogan said the minimum wage may be hiked again throughout the year if […] December 23, 2022
Economy Egypt’s central bank ups interest rates amid inflation worries Egypt’s central bank hiked overnight interest rates by a greater-than-expected 300 basis points (bps) on Thursday, warning that inflationary pressures were building. The rate hike may signal the central bank may be preparing for a further weakening of the currency. The bank’s Monetary Policy Committee (MPC) raised the deposit rate to 16.25 percent and its […] December 23, 2022
Economy Dozens of merchant ships stuck off Iran as payment snags bite Dozens of merchant ships with grains and sugar are stuck outside Iranian ports after weeks of delays as payments snags disrupt flows of goods into the country, according to trade sources and shipping data. Food is exempt from the West’s sanctions on Iran over its nuclear programme, but the impact of the sanctions on Iran’s […] December 22, 2022
Economy Oman estimates spending at nearly $34bn in 2023 budget Oman’s 2023 budget estimates revenue at OMR 11.65 billion ($30.34 billion) and expenditure at OMR 12.95 billion, with a forecast budget deficit of OMR 1.3 billion, state-run Oman News Agency reported. The 2023 budget has been based on an average oil price assumption of $55 per barrel. Global economic and geopolitical developments were taken into […] December 21, 2022
