Saudi Arabia's economy set to grow 2.3 per cent next year - The National:
Saudi Arabia's economy is set to grow 2.3 per cent next year as stimulus measures put in place to combat a contraction caused by the pandemic and lower oil prices kickstart a "robust rebound", according to the Institute of International Finance.
The institute is forecasting a 5.2 per cent economic contraction this year following an 11 per cent second quarter decline, but said it expects strong growth in the second half of the year as the rise in new cases slows and restrictions ease.
Economic indicators such as purchasing managers' index data, private sector lending, point of sale transactions and cement output, suggest "that a sizeable rebound is already under way", the report by the institute's Mena chief economist Garbis Iradian said.
"However, the depth of contraction in 2020 and the speed of recovery in 2021 is subject to a high degree of uncertainty," it adds.
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Saturday 26 September 2020
#Iran-U.S. Sanctions: Damage to Iranian Economy Is $150 Billion, Rouhani Says - Bloomberg
Iran-U.S. Sanctions: Damage to Iranian Economy Is $150 Billion, Rouhani Says - Bloomberg:
Iran lost $150 billion of revenue since U.S. President Donald Trump withdrew from a 2015 nuclear deal and reimposed sanctions on its economy, President Hassan Rouhani said.
The U.S. measures are also hampering imports of medical and food supplies, Rouhani said in a statement Saturday on state television.
Iran’s economy has shrunk over the past two years, inflation and unemployment are rising. Crude exports that the nation depends on for most of its foreign exchange are less than 10% of their level before the U.S. withdrew from the multilateral agreement in May 2018.
“If people want to curse anyone for problems and shortcomings in the country, it’s the White House,” Rouhani said.
Iran lost $150 billion of revenue since U.S. President Donald Trump withdrew from a 2015 nuclear deal and reimposed sanctions on its economy, President Hassan Rouhani said.
The U.S. measures are also hampering imports of medical and food supplies, Rouhani said in a statement Saturday on state television.
Iran’s economy has shrunk over the past two years, inflation and unemployment are rising. Crude exports that the nation depends on for most of its foreign exchange are less than 10% of their level before the U.S. withdrew from the multilateral agreement in May 2018.
“If people want to curse anyone for problems and shortcomings in the country, it’s the White House,” Rouhani said.
#Lebanon: PM-Designate Mustafa Adib Quits Over Political Impasse for Government - Bloomberg
Lebanon: PM-Designate Mustafa Adib Quits Over Political Impasse for Government - Bloomberg:
Lebanon’s prime minister-designate stepped down after failing to form a government, leaving the nation rudderless as it struggles to recover from a devastating explosion at its main port last month.
Mustafa Adib quit Saturday after a meeting with President Michel Aoun in Baabda near the capital, Beirut. The 48-year-old diplomat and academic was tapped to form a government on Aug. 31, after the previous governing coalition resigned following the Aug. 4 blast at the Port of Beirut.
“I am excusing myself from continuing the task of forming the government,” Adib told reporters after presenting his resignation letter to Aoun. “Consensus no longer exists.”
Adib had the backing of French President Emmanuel Macron, who is coordinating international aid efforts for Lebanon. Macron has warned politicians that their inability to form a cabinet of independent experts could have consequences, including potential sanctions.
Lebanon’s prime minister-designate stepped down after failing to form a government, leaving the nation rudderless as it struggles to recover from a devastating explosion at its main port last month.
Mustafa Adib quit Saturday after a meeting with President Michel Aoun in Baabda near the capital, Beirut. The 48-year-old diplomat and academic was tapped to form a government on Aug. 31, after the previous governing coalition resigned following the Aug. 4 blast at the Port of Beirut.
“I am excusing myself from continuing the task of forming the government,” Adib told reporters after presenting his resignation letter to Aoun. “Consensus no longer exists.”
Adib had the backing of French President Emmanuel Macron, who is coordinating international aid efforts for Lebanon. Macron has warned politicians that their inability to form a cabinet of independent experts could have consequences, including potential sanctions.