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Saudi Arabia Tops Consumer Confidence in Local Economy Trends Index

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)
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Saudi Arabia Tops Consumer Confidence in Local Economy Trends Index

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)

Saudi Arabia topped the "Consumer Confidence in Local Economy Trends" index compared to the 23 countries, according to the Global Consumer Confidence Index: May 2021 issued by Ipsos.

The index includes consumers’ feedback on the current and future status of the local economy and their assessment of their personal financial conditions and investment.

Ipsos relies on various sectors including commerce, industry, retail, banks as well as governments, in general, to study the changes in this indicator while making economic and investment decisions, including the Kingdom’s National Center for Measuring the Performance of Public Institutions (ADAA).

The Kingdom also ranked second globally among 23 countries in the general index of "consumer confidence" for the same month, in addition to achieving second place in the results of the "personal financial capabilities" index, and second place in the "investment confidence" index.

In a statement issued Thursday, ADAA explained that the "Global Consumer Confidence Index" depends in its assessment on four main axes: consumer confidence in "personal financial capabilities, local economic trends, investment climate, and general job security."

The National Center for Measuring the Performance of Public Institutions monitors and follows up on those indicators that highlight the Kingdom’s progress at the international level and enable decision-makers to develop performance and global competitiveness, through international performance platforms.

This enables public agencies to follow up on the Kingdom’s performance as opposed to the performance of more than 217 countries in more than 700 global measurement indicators.

Last week, Saudi Arabia ranked first worldwide in the response of government as well as of entrepreneurs to the COVID-19 pandemic, while the Kingdom stood 7th in entrepreneurial progress worldwide, according to the Global Entrepreneurship Monitor (GEM) report for 2020/2021.

The report was issued in cooperation with Prince Mohammad bin Salman College of Business and Entrepreneurship (MBSC) and Babson Global Center for Entrepreneurial Leadership (BGCEL).

The Kingdom jumped to first place worldwide at the ease of starting-up business index from the 22nd position, according to the report, which reflects the essential reforms in the entrepreneurship environment to business start-up procedures.

The Kingdom also ranked first in terms of providing good opportunities to start a business, after ranking sixth earlier.

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Business

Vietnam Signs Free Trade Deal with Four European Countries

Vietnam's President To Lam (C), Liechtenstein's Prime Minister Brigitte Haas (3rd L) and Switzerland's President Guy Parmelin (3rd R) pose with delegates during the signing ceremony for the Vietnam-EFTA Free Trade Agreement (VEFTA) in Hanoi on October 18, 2026. (Photo by Nhac NGUYEN / AFP)
Vietnam's President To Lam (C), Liechtenstein's Prime Minister Brigitte Haas (3rd L) and Switzerland's President Guy Parmelin (3rd R) pose with delegates during the signing ceremony for the Vietnam-EFTA Free Trade Agreement (VEFTA) in Hanoi on October 18, 2026. (Photo by Nhac NGUYEN / AFP)
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Vietnam Signs Free Trade Deal with Four European Countries

Vietnam's President To Lam (C), Liechtenstein's Prime Minister Brigitte Haas (3rd L) and Switzerland's President Guy Parmelin (3rd R) pose with delegates during the signing ceremony for the Vietnam-EFTA Free Trade Agreement (VEFTA) in Hanoi on October 18, 2026. (Photo by Nhac NGUYEN / AFP)
Vietnam's President To Lam (C), Liechtenstein's Prime Minister Brigitte Haas (3rd L) and Switzerland's President Guy Parmelin (3rd R) pose with delegates during the signing ceremony for the Vietnam-EFTA Free Trade Agreement (VEFTA) in Hanoi on October 18, 2026. (Photo by Nhac NGUYEN / AFP)

Vietnam and four European nations outside the EU signed a free trade agreement in Hanoi on Sunday, seeking to diversify their markets as US tariffs disrupt global commerce.

The deal, between Southeast Asia's fastest-growing economy and the European Free Trade Association (EFTA), which includes Iceland, Liechtenstein, Norway and Switzerland, eliminates or reduces customs duties, including on imports of industrial, fish and agricultural products.

The deal was signed in the capital in the presence of Vietnam's top leader To Lam and representatives of EFTA governments.

Vietnam said the agreement showed the parties' resolve to "reinforce the rules-based trading system amid continued volatility in the global economy", according to a government statement.

It was also expected to help Vietnam "diversify its import and export markets" and "integrate more deeply into global value chains", the government said.

Vietnam and EFTA concluded negotiations in July, more than a decade after the free trade talks officially began in 2012.

The parties relaunched negotiations in September last year, after they had stalled since 2018.

The agreement followed a global trade-disrupting tariff blitz by the United States under President Donald Trump which has left Vietnam with a hefty tax on its US exports amid ongoing negotiations with Washington.

Experts say the new deal reflected a shared initiative to diversify commercial ties and reduce reliance on major trading partners.

"As the US increasingly exerts trade pressure on European countries, the agreement is a joint effort to turn economic integration into greater strategic autonomy and to develop alternative commercial relationships rather than relying exclusively on their largest partners," history and politics scholar Do Dinh Lam Khang told AFP.

For Vietnam, closer ties with EFTA economies could support its ambition to move into higher-value-added activities, Khang added.

The agreement covers trade in goods and services, intellectual property rights, trade remedies and sustainable development, among other areas, both parties say.

Bilateral trade between the EFTA and Vietnam last year was valued at 4.8 billion euros ($5.4 billion), according to the association.

Electrical and mechanical machinery, fish and pharmaceutical products were the EFTA nations' top exports to Vietnam last year.

Machinery, footwear and apparel were manufacturing hub Vietnam's major exports to the EFTA.

The association was created as a counterpart to the European Economic Community, precursor of the European Union which its four member states are close to but have not joined.

Business

Lagarde: Sustainable Finances Key for Economic Stability

European Central Bank President Christine Lagarde speaks during a press conference following the ECB Governing Council meeting at the guest house of the Deutsche Bundesbank in Berlin, Germany, September 10, 2026. REUTERS/Annegret Hilse/File Photo
European Central Bank President Christine Lagarde speaks during a press conference following the ECB Governing Council meeting at the guest house of the Deutsche Bundesbank in Berlin, Germany, September 10, 2026. REUTERS/Annegret Hilse/File Photo
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Lagarde: Sustainable Finances Key for Economic Stability

European Central Bank President Christine Lagarde speaks during a press conference following the ECB Governing Council meeting at the guest house of the Deutsche Bundesbank in Berlin, Germany, September 10, 2026. REUTERS/Annegret Hilse/File Photo
European Central Bank President Christine Lagarde speaks during a press conference following the ECB Governing Council meeting at the guest house of the Deutsche Bundesbank in Berlin, Germany, September 10, 2026. REUTERS/Annegret Hilse/File Photo

European Central Bank (ECB) president Christine Lagarde stressed on Saturday the importance of sound public finances when she addressed ministers in charge of budgets from around the world in Thailand.

In her statement to the International Monetary and Financial Committee that comprises global finance ministers and central bankers, she said fiscal sustainability remains a “crucial anchor” for broader economic stability, according to Bloomberg.

“It is important to maintain sound fiscal policies, including by adhering to fiscal rules, and, where debt is high, to consolidate, re-prioritize spending and enhance the efficiency and effectiveness of public finances to rebuild buffers,” Lagarde noted.

“Governments should strive to ensure that any fiscal response to the energy shock is temporary, targeted and tailored,” she added.

Her remarks come after a week of intense debate in the Thai capital, where the International Monetary Fund (IMF) held its annual meetings.

Discussions focused on the risks hanging over the global economy as it faces rising debt levels, an artificial intelligence revolution and increasingly complicated geopolitics.

“A return to an international economic order grounded in openness, predictability and the rule of law would help trade and investment flourish,” Lagarde said.

Turning to the eurozone, Lagarde reiterated the ECB’s assessment that economic growth faces downside risks, while inflation risks remain tilted upward.

“The energy shock is too large to ‘look through’ but a measured response remains appropriate to keep inflation in check,” she said.

ECB raised interest rates twice – in June and September – and is widely expected to deliver another hike at the end of the year.

Lagarde also said that more than 30 central banks have expressed interest in the Eurosystem’s enhanced repo facility, which aims to support the smooth transmission of monetary policy and reinforces the international role of the euro.

Business

Georgieva: More Work Needed on Lebanon Program

IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
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Georgieva: More Work Needed on Lebanon Program

IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)

International Monetary Fund Managing Director Kristalina Georgieva said on Saturday that ‌there were "intense" ‌discussions on support ‌for Lebanon ⁠reflecting significant progress ⁠towards a loan program.

"In the case ‌of ‌Lebanon, we are ‌in very intense ‌discussions with the Lebanese authorities," Georgieva told a closing news conference at ‌IMF and World Bank annual meetings in ⁠Bangkok.

"We ⁠have made significant progress towards the program. We have still a bit more work to do together, and I'm confident we will be successful."