Eurozone in recession at the start of 2023
. The eurozone entered into a technical recession at the start of the year,
Economy
India holds interest rates as inflation eases
. India’s central bank on Thursday kept interest rates on hold for its second-straight
UAE and Cambodia sign Cepa to double non-oil trade
. The UAE and the Kingdom of Cambodia have signed a Comprehensive Economic Partnership
OECD slightly raises world GDP growth forecast to 2.7%
. The OECD slightly raised its growth outlook for the world economy on Wednesday
World Bank hikes UAE’s 2024 growth forecast by 1.1% to 3.4%
. The World Bank on Tuesday revised the UAE’s growth forecast for next year
Photos: Sheikh Hamdan says Dubai stands on the cusp of a new phase of rapid growth
. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and
UAE business confidence soars to 20-month high
. Business confidence in the UAE reached its strongest level in May since October
UAE on robust growth track: Arab Monetary Fund
. Driven by higher oil prices and improved business confidence, the UAE’s economic growth
Watch: How Dubai emerged from the desert to become one of the world’s leading metropolises
Dubai was a small fishing settlement in the 1960s, and the discovery of oil
Debt deal welcomed by investors, though risks loom
. Global investors are gaming out how a tentative deal to raise the United
Why a US debt deal may only provide short-term relief for markets
. Good news of a tentative deal for the US debt ceiling impasse may
Biden, McCarthy reach tentative US debt ceiling deal
. U.S. President Joe Biden and top congressional Republican Kevin McCarthy reached a tentative
Fitch puts US rating on negative watch as debt deadline looms
. Ratings agency Fitch put the United States’ credit on watch for a possible
Euro slips as Germany enters recession
. The euro dropped on Thursday as Europe’s largest economy Germany was confirmed to
Germany in recession as inflation, higher interest bite
. Germany fell into a recession around the turn of the year, official figures
Inflation crashes the party as European Central Bank marks 25 years
. The European Central Bank celebrates its 25th anniversary on Wednesday but soaring inflation
UAE on target for strong growth: World Bank
. Driven by robust domestic demand, particularly across tourism, real estate, construction, transportation, and
UAE: Will 9% corporate tax apply to personal income, investments? Ministry clarifies
. The Ministry of Finance on Wednesday clarified that individuals conducting business activities in
At G7, a warning about economic outlook as US debt crisis looms
. Finance leaders of the Group of Seven (G7) nations warned on Saturday of
Dubai non-oil sector surges to 8-month high in April
. An upswing in travel, tourism, wholesale and retail sectors helped send Dubai’s non-oil
IMF sees positive momentum in UAE’s retail, service sectors
. A persistent reform drive along with rapid acceleration of private investment underpinned by
Corporate tax to help cut UAE’s fiscal breakeven oil price
. The new corporate income tax that will be effective from June 1, 2023
US consumer spending flattens; core inflation still hot
. US consumer spending was unchanged in March as an increase in outlays on
US growth cools in first quarter as recession fears deepen
. US economic growth lost steam in the first quarter as gloomier business investment
Fed tilts toward rate hike in May
. US Federal Reserve officials remain set to raise interest rates at their May
Eurozone economy accelerates to 11-month high in April
. The eurozone economy’s growth accelerated in April and hit an 11-month high, according
