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Saudi Arabia Ranks 1st Internationally in Internet Usage

GKI ranked Saudi Arabia first in the percentage of the population using the internet and the rate of individuals with standard information and communications technology (ICT) skills (Asharq Al-Awsat)
GKI ranked Saudi Arabia first in the percentage of the population using the internet and the rate of individuals with standard information and communications technology (ICT) skills (Asharq Al-Awsat)
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Saudi Arabia Ranks 1st Internationally in Internet Usage

GKI ranked Saudi Arabia first in the percentage of the population using the internet and the rate of individuals with standard information and communications technology (ICT) skills (Asharq Al-Awsat)
GKI ranked Saudi Arabia first in the percentage of the population using the internet and the rate of individuals with standard information and communications technology (ICT) skills (Asharq Al-Awsat)

The Global Knowledge Index (GKI) 2022 ranked Saudi Arabia first in the population using the internet and in the percentage of individuals with standard information and communications technology (ICT) skills.

GKI showed that Saudi Arabia has five strengths including individuals with standard ICT skills, internet users' percentage, households with internet access, research share of research and development expenditure, and the net enrollment rate in higher secondary education.

The Global Knowledge Index was launched by the Mohammed bin Rashid Al-Maktoum Knowledge Foundation (MBRF), in cooperation with the United Nations Development Program (UNDP).

The Index also highlighted Saudi Arabia's exceptional performance in knowledge infrastructure, placing it at the 43rd position out of 132 nations and the 41st out of 60 countries with a high human development rate.

The Kingdom has also achieved exceptional results regarding a supportive educational environment.

The Index focuses on seven compound sub-indicators that cover the performance of six key knowledge sectors: pre-university education, technical education, and vocational training; higher education, ICT, innovation, research & development, and the economy.

It also covers the environment sub-indicator, mainly focusing on these sectors' social, political, economic, health, and environmental contexts.

Saudi Arabia was ranked first in the technical education and vocational training index for the number of students enrolled in post-secondary non-university education in vocational and technical programs.

It is considered a key contributor to the global knowledge system in creating development indicators.

The GKI is a significant addition to the global body of knowledge development. It offers a range of reliable data that supports nations and decision-makers in comprehending and responding to transformations and challenges and highlights the critical knowledge barriers in realizing sustainable development goals (SDGs) and the 2030 ambitions.

The Mohammed bin Rashid Al-Maktoum Knowledge Foundation released the GKI 2022 results on the sidelines of the Youth Knowledge Forum, which was held in cooperation with the UNDP. The Index included 155 variables and 132 countries, including 11 Arab nations.

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Euro Zone Poised to Enter Trade Quagmire as Trump Wins

A container ship unloads its cargo in the German port of Hamburg (Reuters)
A container ship unloads its cargo in the German port of Hamburg (Reuters)
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Euro Zone Poised to Enter Trade Quagmire as Trump Wins

A container ship unloads its cargo in the German port of Hamburg (Reuters)
A container ship unloads its cargo in the German port of Hamburg (Reuters)

As Trump 2.0 becomes a reality, Europe is poised to enter a new geopolitical and trade quagmire with its biggest trading partner.

Donald Trump's victory may harm Europe's economy as proposed 10% US tariffs risk hitting European exports such as cars and chemicals, eroding Europe's GDP by up to 1.5% or about €260 billion.

Analysts warn of European Central Bank (ECB) rate cuts, euro weakness, and a recession risk.

According to several economic analyses, there is broad agreement that Trump's proposed 10% universal tariff on all US imports may significantly disrupt European growth, intensify monetary policy divergence, and strain key trade-dependent sectors such as autos and chemicals.

The long-term effects on Europe's economic resilience could prove even more significant if tariffs lead to protracted trade conflicts, prompting the European Central Bank (ECB) to respond with aggressive rate cuts to cushion the impact, according to Euronews.

Trump's proposed across-the-board tariff on imports, including those from Europe, could profoundly impact sectors such as cars and chemicals, which rely heavily on US exports.

Data from the European Commission shows that the European Union exported €502.3 billion in goods to the US in 2023, making up a fifth of all non-European Union exports.

European exports to the US are led by machinery and vehicles (€207.6 billion), chemicals (€137.4 billion), and other manufactured goods (€103.7 billion), which together comprise nearly 90% of the bloc's transatlantic exports.

ABN Amro analysts, including head of macro research Bill Diviney, warn that tariffs “would cause a collapse in exports to the US,” with trade-oriented economies such as Germany and the Netherlands likely to be hardest hit.

According to the Dutch bank, Trump's tariffs would shave approximately 1.5 percentage points off European growth, translating to a potential €260 bn economic loss based on Europe's estimated 2024 GDP of €17.4 tn.

Should Europe's growth falter under Trump's tariffs, the European Central Bank (ECB) may be compelled to respond aggressively, slashing rates to near zero by 2025.

In contrast, the US Federal Reserve may continue raising rates, leading to “one of the biggest and most sustained monetary policy divergences” between the ECB and the Fed since the euro's inception in 1999.

Dirk Schumacher, head of European macro research at Natixis Corporate & Investment Banking Germany, suggests that a 10% tariff increase could reduce GDP by approximately 0.5% in Germany, 0.3% in France, 0.4% in Italy, and 0.2% in Spain.

Schumacher warns that “the euro area could slide into recession in response to higher tariffs.”

According to Goldman Sachs' economists James Moberly and Sven Jari Stehn, the broad tariff would likely erode eurozone GDP by approximately 1%.

Goldman Sachs analysts project that a 1% GDP loss translates into a hit to earnings per share (EPS) for European firms by 6-7 percentage points, which would be sufficient to erase expected EPS growth for 2025.