Central bankers and finance ministers from emerging market economies are set to descend on AlUla in Saudi Arabia this weekend to hold discussions on regional and global macroeconomic developments, as US President Donald Trump's tariffs bring a heightened degree of uncertainty to global trade.
The Conference for Emerging Market Economies, jointly organised by the International Monetary Fund and the Saudi Ministry of Finance, will run from February 16 to 17 with panels on subjects including policy challenges, fiscal consolidation and debt restriction, resistance in the financial system and dealing with trade tension.
IMF managing director Kristalina Georgieva and Saudi Finance Minister Mohammed Al Jadaan are expected to deliver opening and closing remarks at the Maraya event venue.
The event will be the third that Ms Georgieva has attended in the Middle East in recent weeks, after speaking at the Arab Fiscal Forum and the World Governments Summit in Dubai.
Ms Georgieva used the event in Dubai to deliver a message she has repeated in recent months: that the world's medium-term outlook faces a period of low growth and high debt.
Latest IMF data projects growth in the Middle East and North Africa to rise by 3.6 per cent this year but, like much of the rest of the world economy, the region faces dimmer medium-term prospects. Global public debt is expected to reach 100 per cent of gross domestic product by 2030.
“Many countries in this region face similar pressures, with debt levels exceeding 70 per cent of GDP,” Ms Georgieva said at the Ninth Arab Fiscal Forum. “This poses the risk of them becoming trapped in a low-growth, high-debt scenario.”
This comes as the second Trump administration casts a high degree of uncertainty on the global outlook, most notably on trade. The US President has announced a series of tariffs, which he has threatened to impose on trading partners in North America and beyond in exchange for domestic concessions.
Mr Trump most recently announced reciprocal tariffs on partners in response to what he called unfair trade practices. "We're going to be doing reciprocal tariffs, which is whatever they charge, we charge, very simply,” he said on Wednesday.
Some emerging market economies remain exposed to the proposed idea of reciprocal tariffs such as Brazil, but perhaps none more so than India, whose Prime Minister, Narendra Modi, met Mr Trump on Thursday.
The US is India's largest trading partner, while India ranks tenth for the US. In fiscal year 2024, Indian exports were reported at $77.5 billion, while US exports to India were $40.7 billion, according to the India Brand Equity Foundation.
India recently cut some duties in a bid to appease Mr Trump, including reducing its peak import tariff from 150 per cent to 70 per cent. Speaking from the White House on Thursday, Mr Trump said he and Mr Modi had agreed to hold negotiations to "address the long running disparities" between the two countries.
"We want a certain level playing field, which we really think we're entitled to," Mr Trump said.
Mr Al Jadaan and Ms Georgieva have warned about the rise in protectionism, and the IMF head has urged countries in the Middle East to find more agile solutions to increase their economies, with trade not being the viable solution to economic growth that it was.
“This region faces the pressing need to create jobs, enhance social safety nets, build resilience to more frequent natural disasters and support economic diversification,” she said.
With trade patterns shifting, Ms Georgieva previously noted how countries in the Gulf Co-operation Council are deepening regional co-ordination.
A group of finance ministers from the GCC highlighted during the IMF annual meeting in Washington in October some of the areas of regional integration the group has undertaken. Areas of integration included infrastructure, electric connectivity and the establishment of the regional rail network.
One major focus of growth for the IMF is to increase productivity. One way to unlock this is digitalisation, Ms Georgieva said last week, pointing out that countries in the Mena region who embraced this have far higher productivity than those who have not.
More from Aya Iskandarani
Jordan cabinet changes
In
- Raed Mozafar Abu Al Saoud, Minister of Water and Irrigation
- Dr Bassam Samir Al Talhouni, Minister of Justice
- Majd Mohamed Shoueikeh, State Minister of Development of Foundation Performance
- Azmi Mahmud Mohafaza, Minister of Education and Minister of Higher Education and Scientific Research
- Falah Abdalla Al Ammoush, Minister of Public Works and Housing
- Basma Moussa Ishakat, Minister of Social Development
- Dr Ghazi Monawar Al Zein, Minister of Health
- Ibrahim Sobhi Alshahahede, Minister of Agriculture and Minister of Environment
- Dr Mohamed Suleiman Aburamman, Minister of Culture and Minister of Youth
Out
- Dr Adel Issa Al Tawissi, Minister of High Education and Scientific Research
- Hala Noaman “Basiso Lattouf”, Minister of Social Development
- Dr Mahmud Yassin Al Sheyab, Minister of Health
- Yahya Moussa Kasbi, Minister of Public Works and Housing
- Nayef Hamidi Al Fayez, Minister of Environment
- Majd Mohamed Shoueika, Minister of Public Sector Development
- Khalid Moussa Al Huneifat, Minister of Agriculture
- Dr Awad Abu Jarad Al Mushakiba, Minister of Justice
- Mounir Moussa Ouwais, Minister of Water and Agriculture
- Dr Azmi Mahmud Mohafaza, Minister of Education
- Mokarram Mustafa Al Kaysi, Minister of Youth
- Basma Mohamed Al Nousour, Minister of Culture
KILLING OF QASSEM SULEIMANI
More from Neighbourhood Watch
The years Ramadan fell in May
Killing of Qassem Suleimani
The 12 Syrian entities delisted by UK
Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV
More on animal trafficking
Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
RIVER%20SPIRIT
%3Cp%3E%3Cstrong%3EAuthor%3A%20%3C%2Fstrong%3ELeila%20Aboulela%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Saqi%20Books%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPages%3A%3C%2Fstrong%3E%20320%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAvailable%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
More from Neighbourhood Watch:
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
The%20Genius%20of%20Their%20Age
%3Cp%3EAuthor%3A%20S%20Frederick%20Starr%3Cbr%3EPublisher%3A%20Oxford%20University%20Press%3Cbr%3EPages%3A%20290%3Cbr%3EAvailable%3A%20January%2024%3C%2Fp%3E%0A
Read more about the coronavirus
Killing of Qassem Suleimani
Killing of Qassem Suleimani
Killing of Qassem Suleimani
More from Neighbourhood Watch:
Mohammed bin Zayed Majlis
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20HyveGeo%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202023%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Abdulaziz%20bin%20Redha%2C%20Dr%20Samsurin%20Welch%2C%20Eva%20Morales%20and%20Dr%20Harjit%20Singh%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ECambridge%20and%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%208%3Cbr%3E%3Cstrong%3EIndustry%3A%20%3C%2Fstrong%3ESustainability%20%26amp%3B%20Environment%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%24200%2C000%20plus%20undisclosed%20grant%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVenture%20capital%20and%20government%3C%2Fp%3E%0A
