عربي English Türkçe اردو فارسى
Logo
Latest News
Business

ECB Poll: Economists Confident Euro Zone Inflation Will Fall to 2%

The building of the European Central Bank (ECB) appears on the horizon during sunset in Frankfurt, Germany, December 2, 2023. REUTERS
The building of the European Central Bank (ECB) appears on the horizon during sunset in Frankfurt, Germany, December 2, 2023. REUTERS
TT
TT

ECB Poll: Economists Confident Euro Zone Inflation Will Fall to 2%

The building of the European Central Bank (ECB) appears on the horizon during sunset in Frankfurt, Germany, December 2, 2023. REUTERS
The building of the European Central Bank (ECB) appears on the horizon during sunset in Frankfurt, Germany, December 2, 2023. REUTERS

Economists are sticking to their view that inflation in the euro zone will fall to 2% and stay there, a European Central Bank poll showed on Friday, in comforting news as the ECB prepares to cut interest rates.

The ECB's latest Survey of Professional Forecasters (SPF) put inflation at 2.4% this year and 2.0% in 2025, 2026 and in the longer term -- unchanged from the previous round of the poll three months earlier, Reuters reported.

Revisions to economic growth forecasts were minimal, with GDP seen expanding by 0.5% this year, 1.4% next year and in 2026, and 1.3% thereafter.

The ECB held interest rates at a record high on Thursday but signalled it could start cutting as soon as June, even though stubbornly high US inflation could stop the US Federal Reserve from following close behind.

The SPF's results are based on responses from 61 economists at European companies and financial institutions polled between March 18 and 21.

Most Viewed

 
 
Business

Saudi Arabia Reports SAR540 Billion in Services Trade with 7% Annual Growth

Saudi Minister of Commerce Dr. Majid Al-Kassabi and other officials are seen at the panel discussion at Davos. (SPA)
Saudi Minister of Commerce Dr. Majid Al-Kassabi and other officials are seen at the panel discussion at Davos. (SPA)
TT
TT

Saudi Arabia Reports SAR540 Billion in Services Trade with 7% Annual Growth

Saudi Minister of Commerce Dr. Majid Al-Kassabi and other officials are seen at the panel discussion at Davos. (SPA)
Saudi Minister of Commerce Dr. Majid Al-Kassabi and other officials are seen at the panel discussion at Davos. (SPA)

Saudi Minister of Commerce Dr. Majid Al-Kassabi announced on Wednesday that the Kingdom’s trade in services reached SAR540 billion in 2023, reflecting an annual growth rate of 7%.

Speaking at a panel discussion on Trade in Service at the World Economic Forum in Davos, he underscored the global significance of the services sector, which makes up approximately 65% of the world’s gross domestic product (GDP), 60% of foreign investments, and serves as the largest provider of jobs worldwide, particularly benefiting women.

He emphasized the need for global collaboration to reduce regulatory and procedural obstacles in the services sector, adding that simplifying these systems would boost competitiveness and alleviate burdens on small and medium enterprises (SMEs), thereby raising their economic contribution.

Al-Kassabi outlined Saudi Arabia’s significant investments in digital infrastructure, including SAR93.7 billion already spent and an additional SAR75 billion allocated for future projects.

The investments, he said, aim to support digital transformation, boost businesses, and attract foreign investments.

The Kingdom has partnered with international organizations to establish legislative frameworks that protect investments and advance human resource development and has created a Center for Distinguished Residence to attract skilled talents, he went on to say.

The World Economic Forum emphasized the critical importance of collaboration between the public and private sectors for the future of trade in services. It highlighted its partnership with the National Competitiveness Center on the Facilitating and Developing Trade in Services initiative, which focuses on key sectors such as information and communications technology (ICT), finance, transportation and logistics services, and mining. The sectors are vital as they underpin all economic activities.