Economic Resilience Amidst Oil Output Cuts: GCC Growth Prospects
The Gulf Cooperation Council (GCC) economies faced an intricate economic landscape in the second quarter of 2023, marked by reduced oil production. This led to a 0.5 percentage point downward revision in growth forecasts for the GCC, setting the growth rate at 1.4% for the year. However, the region’s non-energy sectors have shown resilience, with robust growth in tourism-related industries. Rising energy prices, driven by global factors, have also played a pivotal role, with Brent oil reaching $90 per barrel. The impending inclusion of Saudi Arabia and the UAE into the BRICS group offers a ray of hope, fostering economic diversification and reducing reliance on the US dollar, setting the stage for a more optimistic future.
Analysis: Europe Inc’s wage hikes alarm investors as worries about recession grow
Plans by European companies to hike wages and pay one-off bonuses to help staff cope with a torrid winter are raising alarm among investors concerned that the extra cost could hurt profits and undermine the region’s economy.
Omicron restrains U.S. manufacturing; supply bottlenecks slowly easing
A measure of U.S. manufacturing activity fell to a 14-month low in January amid an outbreak of COVID-19 cases, supporting the view that economic growth lost steam at the start of the year.
European business growth hurt by supply issues, pricing in Sept -PMIs
LONDON, Oct 5 (Reuters) – Business growth across Europe remained strong last month but elevated inflationary pressures put a dent in demand while ongoing supply issues constrained activity, issues which are likely to continue, a survey showed on Tuesday. Although many restrictions imposed to contain the coronavirus pandemic have now been lifted in the region, […]
