Crown Prince Attends South Korean President's Keynote at FII in Riyadh

Prince Mohammed bin Salman, Crown Prince and Prime Minister, and South Korea’s President Yoon Suk Yeol are seen at FII7 in Riyadh on Tuesday. (SPA)
Prince Mohammed bin Salman, Crown Prince and Prime Minister, and South Korea’s President Yoon Suk Yeol are seen at FII7 in Riyadh on Tuesday. (SPA)
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Crown Prince Attends South Korean President's Keynote at FII in Riyadh

Prince Mohammed bin Salman, Crown Prince and Prime Minister, and South Korea’s President Yoon Suk Yeol are seen at FII7 in Riyadh on Tuesday. (SPA)
Prince Mohammed bin Salman, Crown Prince and Prime Minister, and South Korea’s President Yoon Suk Yeol are seen at FII7 in Riyadh on Tuesday. (SPA)

Prince Mohammed bin Salman, Crown Prince and Prime Minister, attended on Tuesday a keynote delivered by South Korea’s President Yoon Suk Yeol at the seventh Future Investment Initiative (FII) that kicked off in Riyadh earlier in the day.

The FII7 is being held under the theme "The New Compass".  

Held at the King Abdulaziz International Center for Conferences, the three-day event brings together 6,000 participants from more than 90 countries, and 500 local and international speakers from different sectors.

Yoon, who is on a four-day visit to the Kingdom, said Saudi Arabia has succeeded in transforming itself into an advanced industries hub.

“We want to expand the scope of relationship with the Kingdom of Saudi Arabia,” he said.

“I could feel the passion for Saudi projects and industrialization,” he said.  

“Vision 2030 is not just for industrialization but encompasses culture and private sector,” he stressed.



Russia's Economy Minister Says the Country is on 'the Brink of Recession'

People gesture as they shop in a supermarket in Moscow, Russia June 26, 2024. REUTERS/Maxim Shemetov/File Photo
People gesture as they shop in a supermarket in Moscow, Russia June 26, 2024. REUTERS/Maxim Shemetov/File Photo
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Russia's Economy Minister Says the Country is on 'the Brink of Recession'

People gesture as they shop in a supermarket in Moscow, Russia June 26, 2024. REUTERS/Maxim Shemetov/File Photo
People gesture as they shop in a supermarket in Moscow, Russia June 26, 2024. REUTERS/Maxim Shemetov/File Photo

Russia's economy is “on the brink of going into a recession,” the country's economy minister said Thursday, according to Russian media reports.

Economy Minister Maxim Reshetnikov delivered the warning at the St. Petersburg International Economic Forum, the annual event in Russia's second largest city designed to highlight the country's economic prowess and court foreign investors, The AP reported.

Russian business news outlet RBC quoted the official as saying “the numbers indicate cooling, but all our numbers are (like) a rearview mirror. Judging by the way businesses currently feel and the indicators, we are already, it seems to me, on the brink of going into a recession.”

The economy, hit with a slew of sanctions after the Kremlin sent troops into Ukraine in February 2022, has so far outperformed predictions. High defense spending has propelled growth and kept unemployment low despite fueling inflation. At the same time, wages have gone up to keep pace with inflation, leaving many workers better off.

Large recruiting bonuses for military enlistees and death benefits for those killed in Ukraine also have put more income into the country’s poorer regions. But over the long term, inflation and a lack of foreign investments remain threats to the economy, leaving a question mark over how long the militarized economy can keep going.

Economists have warned of mounting pressure on the economy and the likelihood it would stagnate due to lack of investment in sectors other than the military.

Speaking at a forum session, Reshetnikov said Russia was “on the brink,” and whether the country would slide into a recession or not depends on the government's actions.

“Going forward, it all depends on our decisions," Reshetnikov said, according to RBC.

RBC reported Russia's Finance Minister Anton Siluanov and Central Bank Gov. Elvira Nabiullina gave more optimistic assessments.

Siluanov spoke about the economy “cooling” but noted that after any cooling “the summer always comes," RBC reported.

Nabiullina said Russia's economy was merely “coming out of overheating," according to RBC.