While developing countries paid a record US$1.4 trillion to service debts, the non-oil sectors in the GCC countries are fueling growth and diversification,

According to World Bank Group President Ajay Banga, “The new Knowledge Hub being created by the World Bank Group and Saudi Arabia is a key step forward to scale up".

Washington, United States - President-elect Donald Trump on Monday threatened to impose a 100 percent tariff on the BRICS group nations if they undercut the US dollar."We require a commitment... that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty US Dollar or,...

Ngozi Okonjo-Iweala, the first woman and the first African to head the WTO, is the only candidate in the race, paving the way for the body's 166 members to re-elect the 70-year-old Nigerian at a closed-door meeting.

US President-elect Donald Trump's sweeping tariff plans target Canada, Mexico, and China, raising fears of a global trade war, with analysts predicting significant retaliation from Europe and Asia that could dampen global economic growth.

Cairo, Egypt -- Egypt's economy has been in crisis for years, but as the latest round of International Monetary Fund-backed reforms bites, much of the country's middle class has found itself struggling to afford goods once considered basics.The world lender has long backed measures in Egypt including a liberal currency exchange...

Beirut, Lebanon -- More than a year of clashes that recently escalated into war have cost Lebanon more than $5 billion in economic losses and damaged nearly 100,000 homes, the World Bank said on Thursday.Since September 23, Israel has ramped up its air campaign in Lebanon, later sending in ground troops...

The labor market has remained resilient, despite a sharp hiring slowdown last month due to adverse weather conditions and a labor strike.

Paris, France -- Donald Trump's return to the White House with his protectionist policies poses threats for the global economy, with the prospect of new trade wars, resurgent inflation and slower growth, experts sayGlobal trade threatened? During his first term in office from 2017 to 2021, Trump often resorted to punitive...

AI systems exceeding human capabilities across all fields could render many jobs obsolete in a decade, Stuart Russell, Professor of Computer Science at the University of California, Berkeley told TRENDS in an exclusive interview.

35 percent of CEOs worldwide identify #inflation as the most critical #economic issue facing their countries, followed by boosting #consumer #confidence, a global CEO report said

The organization’s Trade and Development Report 2024 warned that this new “low normal" growth is insufficient to tackle pressing development and climate goals or help ease widespread discontent amidst a global cost-of-living crisis that has left many households in vulnerable positions.

Tokyo, Japan - Oil prices tumbled in early Asian trading Monday with dealers relieved that Israeli strikes carried out Saturday against military targets in Iran had spared the country's oil installations.The price of North Sea Brent for delivery in December fell by 4.05 percent to $72.97, while West Texas Intermediate plunged...

In its new World Economic Outlook (WEO) report, the International Monetary Fund also estimates that global inflation will continue to ease, hitting 5.8 percent this year, before falling to 4.3 percent in 2025. "We are seeing inflation moving in the right direction without a major slowdown in economic growth or...

Beijing, China - China's central bank on Monday said it had cut two key interest rates to historic lows, in the latest move by Beijing to boost sluggish spending and kickstart the world's second-largest economy.The cuts come just days after the country posted its slowest quarterly growth in a year and...

The KDP is the largest party in the outgoing parliament, with 45 seats against 21 for the PUK. The KDP's majority was assured by an alliance with deputies elected via a quota reserved for Turkmen, Armenian and Christian minorities. Iraqi court rulings have reduced the number of seats in the Kurdish...

The plan is part of a series of actions undertaken by Beijing to draw a line under a years-long property sector crisis and chronically low consumption that has plagued the world's second biggest economy.

There was a 2.3% year-on-year increase in the first half of 2024 and WTO economists anticipate the volume will increase by 2.7% in 2024 and 3 percent in 2025. Asia’s exports will grow faster than those of any other region this year, rising by as much as 7.4 percent. It...

Abu Dhabi, UAE -- Abu Dhabi's GDP increased by 4.1 percent during the second quarter of 2024, compared to the same period in 2023, according to the preliminary estimates revealed by the Statistics Centre – Abu Dhabi (SCAD).SCAD data said Abu Dhabi's GDP continued to record growth in total value,...

Qatar Airways unveiled a bid to take a 25 percent stake in troubled airline Virgin Australia on Tuesday, a deal that could shake up Australia's Qantas-dominated market. Under the plan, Qatar would take a minority stake in Virgin for an undisclosed sum. The firms said it would spell more direct...

Saudi Arabia anticipates a budget deficit of 2.3 percent of GDP in 2025. Estimates put total government revenues for 2025 at approximately US$320 billion, which would create a deficit of US$27bn.

China's central bank on Friday lowered interest rates and injected liquidity into the banking system as Beijing assembled a last-ditch stimulus assault to pull economic growth back towards this year's roughly 5% target.More fiscal measures are expected to be announced before China's week-long holidays starting on Oct. 1, after a...

Abu Dhabi, UAE -UAE's airports experienced a 14.2 percent increase in passenger traffic, in the first half of 2024, handling over 71.7 million travelers compared to 62.8 million in the same period last year, latest data issued by the Central Bank of the UAE (CBUAE) showed.“Passenger traffic at the Abu...

Paris, France -- The OECD on Wednesday slightly raised its world economic growth forecast for 2024 but called for higher property and environmental taxes to combat soaring debt in many countries.In its twice-yearly economic outlook report titled "Turning the Corner", the Paris-based organization said global gross domestic product would expand by...

Russian President Vladimir Putin said Wednesday he expected his Turkish counterpart Recep Tayyip Erdogan to attend a BRICS summit in Russia next month after Türkiye requested to join the group of emerging economies. Putin said he was due to meet Erdogan on October 23, a day after the start of...

The sheer scale of destruction from the deadliest war in Gaza's history has made the road to recovery difficult to imagine. Also, 11 months of war in Gaza has battered Israel's economy with poverty threatening communities.

The 30% general wage hike improves upon the 25% in the earlier offer.

Israeli Prime Minister Benjamin Netanyahu said Sunday that Israel has dealt serious blows to the Lebanese group Hezbollah, as rapidly escalating cross-border exchanges raised fears of an all-out war. Netanyahu's remarks follow a night of intense rocket fire at northern Israel that had sent hundreds of thousands of people to...

A blast caused by a gas leak at an Iranian coal mine has killed at least 51 people, state media said Sunday, in one of the country's deadliest work accidents in years. "The number of dead workers increased to 51" in the explosion at the Tabas mine in eastern Iran,...

A second wave of device explosions killed 20 people and wounded more than 450 in Lebanon on Wednesday, officials said, stoking fears of an all-out war in the region. On Tuesday, pager explosions killed 12 and injured more than 2,800 people in Lebanon blamed on Israel.

The Kingdom’s tourism and entertainment investments, including a new star rating system, support growth in hospitality, positioning Saudi Arabia as a global leisure destination by 2030.

The WTO's 2024 report on global trade looked at the role that commerce has played to narrow the gap between economies since its creation in 1995. "Perhaps the biggest takeaway from the report is its reaffirmation of trade's transformative role in reducing poverty and creating shared prosperity," WTO Director-General Ngozi...

Jordanians will head to the polls on Tuesday to vote for a new parliament amid widespread frustrations over a lagging economy and the ongoing war in Gaza.Just two days ahead of the vote, in a rare surge of violence, a Jordanian killed three Israeli guards at the border crossing between...

Since US Federal Reserve Chairman Jerome Powell stated last month that the time for interest rates to begin coming down and the pace would depend on economic data, investors have been keenly awaiting the latest jobs numbers. Dismal July job figures caused markets to panic last month.

China, the world's number two economy, is Africa's largest trading partner

The strategy focuses on risk-based compliance, international cooperation, effective supervision, and disrupting illicit financial activities through improved data collection, analysis, and regulation updates.

While some sectors have largely regained their strength -- including tourism and the auto industry -- others are struggling, particularly real estate, a key growth driver. The non-manufacturing PMI, which includes services, was in positive territory in August at 50.3 points compared with 50.2 a month earlier.

The Fed's benchmark lending rate currently sits at a 23-year high of between 5.25 and 5.50 percent, cooling demand in the world's largest economy ahead of November's presidential elections, in which inflation and the cost of living have taken a central role.

The annual Jackson Hole Economic Symposium in the US state of Wyoming gives Powell a global platform to enlighten financial markets about the Fed's thinking, a few weeks after he said policymakers could cut rates "as soon as" September.

The company is Chinese smartphone and household tech giant.

Oil prices fell by more than $2 a barrel Monday on the prospect of successful Middle Eastern peace talks reducing supply risks, while leading oil importer China's economic weakness threatened to curb demand, Reuters reportedBrent crude futures settled at $77.66 a barrel, dropping $2.02, or 2.5%. U.S. West Texas Intermediate...

Beijing, China - Youth unemployment in China ticked up to 17.1 percent in July, official figures showed, the highest level this year as the world's second-largest economy faces mounting headwinds.China is battling soaring joblessness among young people, a heavily indebted property sector and intensifying trade issues with the West.Chinese Premier Li...

Dubai, UAE - Dubai's real estate market reached a new peak in July, with sales hitting an all-time high of AED50.1 billion ($13.6 billion). Although the market continued to grow, the year-on-year increase slowed to 33% from 53% in June, reflecting a high base effect from the same period in...

Geneva, Switzerland – A recent report by the World Economic Forum (WEF) highlights the growing concern that unequal access to green financing and technologies could worsen existing economic inequalities. The report, Accelerating an Equitable Transition: A Data-Driven Approach, stresses the urgent need for an institutional response to ensure that the...

The law will ensure equal treatment between domestic and foreign investors, protecting intellectual property and promoting fair competition in line with international standards.

San Francisco, United States - US credit rating agency Fitch downgraded Israel a notch on Monday, warning that its ongoing conflict against Hamas in Gaza could last "well into 2025" and weigh on economic activity.Fitch lowered Israel's rating from "A+" to "A"."The conflict in Gaza could last well into 2025 and...

The Federal Reserve kept its key interest rate at 5.25% to 5.5%, citing “some further progress” toward its 2% inflation goal. At his press conference, Fed Chair Jerome Powell said a rate cut in September is “on the table,” provided the inflation data continues to be encouraging, CNBC reports. The...

Dubai, UAE - Dubai has reinforced its position as a global tourism leader by welcoming a record 9.31 million international overnight visitors in the first half of 2024, marking a 9 percent increase from the 8.55 million visitors during the same period in 2023. The achievement is aligned with the...

The next steps include official visits by FIFA and a comprehensive evaluation of the bid.

New Delhi, UAE - The number of Indians living in the Gulf Cooperation Council (GCC) countries has crossed nine million, India's Minister of State for External Affairs, Kirti Vardhan Singh, told Parliament yesterday.Indians are employed in a wide range of professions from highly qualified fintech, healthcare, information technology, engineering and...