Saudi Energy Minister, Pakistani Finance Minister Hold 1st Meeting of Steering Committee

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman (Asharq Al-Awsat)
Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman (Asharq Al-Awsat)
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Saudi Energy Minister, Pakistani Finance Minister Hold 1st Meeting of Steering Committee

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman (Asharq Al-Awsat)
Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman (Asharq Al-Awsat)

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman and Pakistan's Finance Minister Ishaq Dar held on Thursday the first meeting of the Saudi-Pakistani Steering Committee of the Economic Pillar.

Prince Abdulaziz confirmed in a statement that the Kingdom considers Pakistan an important partner in its development plans and programs.

He added that the two countries seek, through the work of this Subcommittee, to promote areas of cooperation, find new partnership opportunities, and create initiatives of mutual benefit and interest to both counties and their peoples.

He hailed the strong and historic relations between the two countries, Saudi Arabia’s official news agency SPA reported.

Prince Abdulaziz also pointed to the cooperation in energy, under which many topics are currently being discussed, such as “cooperation in the oil industry and supply, petrochemicals, electricity, renewable energy, industry, transport, and many other potential opportunities.”

Both sides agreed at the end of the meeting to advance the committee’s work, follow up on the meeting’s outcomes and continue joint coordination between the work teams to achieve results that live up to the aspirations of the leadership and peoples of the two brotherly countries.

The work of the Steering Committee also involves a number of other areas including energy, industry, mineral resources, commerce, finance, environment, agriculture, transport, logistics, communications, information technology, tourism, and investment.



UN Predicts World Economic Growth to Remain at 2.8% in 2025

A vegetable vendor sits beside a bonfire on his handcart on a cold winter evening in New Delhi on January 6, 2025. (Photo by Sajjad HUSSAIN / AFP)
A vegetable vendor sits beside a bonfire on his handcart on a cold winter evening in New Delhi on January 6, 2025. (Photo by Sajjad HUSSAIN / AFP)
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UN Predicts World Economic Growth to Remain at 2.8% in 2025

A vegetable vendor sits beside a bonfire on his handcart on a cold winter evening in New Delhi on January 6, 2025. (Photo by Sajjad HUSSAIN / AFP)
A vegetable vendor sits beside a bonfire on his handcart on a cold winter evening in New Delhi on January 6, 2025. (Photo by Sajjad HUSSAIN / AFP)

Global economic growth is projected to remain at 2.8% in 2025, unchanged from 2024, held back by the top two economies, the US and China, according to a United Nations report released on Thursday.

The World Economic Situation and Prospects report said that "positive but somewhat slower growth forecasts for China and the United States" will be complemented by modest recoveries in the European Union, Japan, and Britain and robust performance in some large developing economies, notably India and Indonesia.

"Despite continued expansion, the global economy is projected to grow at a slower pace than the 2010–2019 (pre-pandemic) average of 3.2%," according to the report by the UN Department of Economic and Social Affairs.

"This subdued performance reflects ongoing structural challenges such as weak investment, slow productivity growth, high debt levels, and demographic pressures," Reuters quoted it as saying.

The report said US growth was expected to moderate from 2.8% last year to 1.9% in 2025 as the labor market softens and consumer spending slows.

It said growth in China was estimated at 4.9% for 2024 and projected to be 4.8% this year with public sector investments and a strong export performance partly offset by subdued consumption growth and lingering property sector weakness.
Europe was expected to recover modestly with growth increasing from 0.9% in 2024 to 1.3% in 2025, "supported by easing inflation and resilient labor markets," the report said.

South Asia is expected to remain the world’s fastest-growing region, with regional GDP projected to expand by 5.7% in 2025 and 6% in 2026, supported by a strong performance by India and economic recoveries in Bhutan, Nepal, Pakistan and Sri Lanka, the report said.

India, the largest economy in South Asia, is forecast to grow by 6.6% in 2025 and 6.8% in 2026, driven by robust private consumption and investment.
The report said major central banks are likely to further reduce interest rates in 2025 as inflationary pressures ease. Global inflation is projected to decline from 4% in 2024 to 3.4% in 2025, offering some relief to households and businesses.
It calls for bold multilateral action to tackle interconnected crises, including debt, inequality, and climate change.
"Monetary easing alone will not be sufficient to reinvigorate global growth or address widening disparities," the report added.