Finance ministers and central bankers from around the world are set to arrive in Washington for the 2025 International Monetary Fund and World Bank Spring Meetings this week, with US President Donald Trump's tariffs likely to dominate discussions.
Mr Trump has upset global trade since returning to office this year, and his since-pared-down “reciprocal” tariffs drew a rare condemnation from IMF Managing Director Kristalina Georgieva.
Many of those harshest tariffs were targeted at developing countries, some of which like Jordan and Sri Lanka are in reform programmes with the IMF.
Meanwhile, Syria is also expected to have a presence in Washington as it seeks to shore up support for the country's reconstruction needs. The delegation arrives in Washington after Syria's President Ahmad Al Shara held talks with leaders from the UAE, Saudi Arabia, Iraq and others on the country's postwar future.
Trump tariffs
The uncertainty surrounding Mr Trump's policies is sure to cast a lower outlook for the world economy. The IMF in January projected the global economy to expand by 3.3 per cent this year, with the US economy set to grow by 2.7 per cent.
“Our new growth projections will include notable markdowns, but not recession,” Ms Georgieva said in her curtain-raiser speech last week.
The IMF will release its updated World Economic Outlook on Tuesday.
While Ms Georgieva did rule out a global recession this year, economists are raising their probabilities for a potential US downturn.
“Ultimately, this is a shift in regime,” Adam Posen, president of the Peterson Institute for International Economics, told reporters.
While tariffs have driven the uncertainty facing the world's largest economy, Mr Posen also pointed to the potential negative impact Mr Trump's immigration policies could pose on the labour and housing markets.
“This means that I think we have a very high chance of recession,” he said, raising his own odds of a US slowdown to 65 per cent.
Syria in focus
Another major area of focus this week will be the future of Syria's reconstruction. Five months after the fall of Bashar Al Assad, Syria's new self-declared government has been seeking support from the international community to support its reconstruction needs.
But any funding from the IMF likely cannot be accomplished without the approval of the US, which is the fund's largest shareholder. Washington's sanctions on Syria remain largely in place.
Mr Trump's administration has not yet officially recognised the current Syrian government.
The Saudi government and World Bank are expected to host a meeting this week to discuss steps to restore IMF and the bank's support for Syria, Reuters reported.
Syria's Finance Minister Mohammed Bernieh and Central Bank Governor Abdul Qadir Al Hasriya are both registered to attend the gatherings, a World Bank official previously told The National.
The visit comes after Gulf nations have shown signs of growing support for the new Syrian government.
Saudi Arabia is planning to pay off settling Syria's arrears with the World Bank, Reuters reported, which could allow Syria to receive grants necessary for Syria's reconstruction and support its public sector.
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
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Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
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- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
Brief scores:
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%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Carzaty%2C%20now%20Kavak%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ELaunch%20year%3A%20%3C%2Fstrong%3ECarzaty%20launched%20in%202018%2C%20Kavak%20in%20the%20GCC%20launched%20in%202022%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%20140%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Automotive%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3ECarzaty%20raised%20%246m%20in%20equity%20and%20%244m%20in%20debt%3B%20Kavak%20plans%20%24130m%20investment%20in%20the%20GCC%3C%2Fp%3E%0A
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Temperature: -40°C
Weight of equipment: 45kg
Altitude (metres above sea level): 0
Terrain: Ice rock
South Pole stats
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Temperature: -50°C
Weight of equipment: 50kg
Altitude (metres above sea level): 3,300
Terrain: Flat ice
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
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THE SPECS
Engine: 4.4-litre V8
Transmission: eight-speed automatic
Power: 523hp
Torque: 750Nm
Price: Dh469,000
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Favourite holiday destination: Thailand. I go every year and I’m obsessed with the fitness camps there.
Favourite book: Born to Run by Christopher McDougall. It’s an amazing story about barefoot running.
Favourite film: A League of their Own. I used to love watching it in my granny’s house when I was seven.
Personal motto: Believe it and you can achieve it.
The five pillars of Islam
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
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The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
About Tenderd
Started: May 2018
Founder: Arjun Mohan
Based: Dubai
Size: 23 employees
Funding: Raised $5.8m in a seed fund round in December 2018. Backers include Y Combinator, Beco Capital, Venturesouq, Paul Graham, Peter Thiel, Paul Buchheit, Justin Mateen, Matt Mickiewicz, SOMA, Dynamo and Global Founders Capital
