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Saudi Central Bank, Hong Kong Monetary Authority Sign MoU to Strengthen Collaboration

This photo taken on November 10, 2024 shows an aerial view of fish ponds, rivers and marshes in San Tin in northern Hong Kong, on the border with the Chinese city of Shenzhen (back). (Photo by Peter PARKS / AFP)
This photo taken on November 10, 2024 shows an aerial view of fish ponds, rivers and marshes in San Tin in northern Hong Kong, on the border with the Chinese city of Shenzhen (back). (Photo by Peter PARKS / AFP)
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Saudi Central Bank, Hong Kong Monetary Authority Sign MoU to Strengthen Collaboration

This photo taken on November 10, 2024 shows an aerial view of fish ponds, rivers and marshes in San Tin in northern Hong Kong, on the border with the Chinese city of Shenzhen (back). (Photo by Peter PARKS / AFP)
This photo taken on November 10, 2024 shows an aerial view of fish ponds, rivers and marshes in San Tin in northern Hong Kong, on the border with the Chinese city of Shenzhen (back). (Photo by Peter PARKS / AFP)

The Saudi Central Bank (SAMA), headed by Governor Ayman M. Al-Sayari, and the Hong Kong Monetary Authority (HKMA) Governor Eddie Yue have met in Hong Kong to build on their longstanding cooperation and further deepen ties between the two central banks.

In light of the signed MoU between both institutions, Thursday’s meeting featured in-depth discussions and exchange of views and expertise in several areas, including macroeconomic developments and the outlook for monetary policy, the global landscape for investment and financial markets, and financial infrastructure development with a focus on supervisory technology adoption and the deployment of advanced analytical tools.

The two central banks also explored potential areas of cooperation in financial stability, data analyses, financial innovation, and the development of payment systems.

The meeting took place as part of a high-level visit to Hong Kong led by Al-Sayari, during which he participated in the global Financial Stability Board (FSB) plenary meeting and emerging market and developing economies (EMDEs) forum. During the visit, Al-Sayari participated in a high-level seminar alongside other central-bank governors and senior officials from international financial institutions.

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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)
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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.