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Qatar is participating in the celebration of World Health Day, observed on April 7 annually, and the theme this year is ‘My Health, My Right’.Qatar is considered a pioneer in guaranteeing the right to health as the constitution of Qatar has affirmed that the country is concerned with public health and provides means of prevention and treatment of diseases and epidemics by the law.Qatar has established a strong world-class health system that revolves around the importance of universal health coverage for all members of society.HE Dr Hanan Mohammed al-Kuwari, Minister of Public Health, stressed that Qatar has worked to provide high-quality healthcare services to ensure that members of society receive the care they need at the right place and time as emphasised by Qatar's National Vision and health strategies.She added: "Thanks to the wise directives of His Highness the Amir Sheikh Tamim bin Hamad al-Thani, the health system has witnessed great and important developments to meet the health needs of the population, especially in light of the high rates of population growth, while adhering to the best quality standards in healthcare, including the significant expansion of health facilities, and the efficient workforce."“The significant progress in the health system and cooperation with all sectors of the country have also contributed to an efficient response to the world's most prominent health challenge, the Covid-19 pandemic, as Qatar recorded one of the lowest death rates from the pandemic in the world. The development of the health system and its advanced health services have also contributed to the success of many major sporting events and tournaments, most notably the FIFA World Cup Qatar 2022 and the AFC Asian Cup Qatar 2023," noted the minister."Based on the health in all policies approach adopted by the Ministry of Public Health as part of the Second National Health Strategy, joint work has been done between all sectors of the state and society to promote health and equity for all residents, and one of the achievements of adopting this approach is that Qatar has become the first in the world that all its municipalities receive the title of Healthy City from the World Health Organisation. The Healthy City programme supports the health and well-being of the population," she pointed.The minister said that Qatar is also keen to enhance international cooperation and provide health support to middle- and low-income countries. “One of the important initiatives in this regard is that Qatar will treat 1,500 Palestinians from the Gaza Strip in several specific hospitals, as part of the state's efforts to relieve the Palestinian brothers in light of the Israeli aggression they are subjected to," she added.On World Health Day, WHO makes it clear that the right to health cannot be realised unless health services are available, acceptable, and affordable.

On a recent trip to China with my Northwestern Kellogg students, we were all struck by how few Americans had returned to the country since the end of its zero-Covid policy in December 2022.In Shanghai, our tour guide had hosted only one other US school group, and she expected to have only one more this year – a marked decline from the 30-plus she booked each year prior to the pandemic. In Guilin, where the iconic mountains, a Unesco World Heritage site, had previously been among the most visited places on Earth, we were allegedly the first American group to visit since the beginning of 2020. Only two more are expected this year. One hopes these are low estimates and that more have and will come. But there is no denying that the number of Americans travelling to China, which plummeted during the pandemic, has been slow to recover.This sharp decline comes at a time when US-China relations have reached their lowest point since president Richard Nixon visited Chairman Mao Zedong in 1972. The public discourse in both countries has become almost exclusively about zero-sum competition, if not outright hostility. While US politicians and commentators from across the political spectrum portray China as the economic and geopolitical threat, Chinese media insist that American democracy is false and that the US is unfairly containing China’s growth and development.With most of the news coverage in both countries focused on macroeconomic and geopolitical issues, little attention is paid to the lives and perspectives of ordinary people. Opportunities to generate empathy are scarce, and the results are increasingly apparent. In US opinion polls, only 15% of respondents viewed China favourably in 2023, down from 53% in 2018, and from 72% in 1989.Some concerns are well-founded. In 2018, Americans and Canadians were shaken by China’s three-year-long detention of two Canadian NGO workers in retaliation for the relatively mild house arrest of Meng Wanzhou, a Huawei executive who had been charged with helping her company evade sanctions on Iran. Then came China’s pandemic lockdowns, which prompted most Americans to leave the country.While completely understandable, the mass exodus of Americans and other expatriates has further curtailed the flow of information and in-person exchanges between the two countries’ business and NGO sectors. Add the fact that Western journalists’ activities are extremely restricted in China, and it is easy to see why the country feels so foreign and opaque to many outsiders. The exciting economic opportunities and fun travel stories of just a few years ago have given way to angst and uncertainty.But has China changed fundamentally since 2019? Do Chinese people no longer believe in the potential of markets? Do they hate Americans?My class saw as much of the country as possible in the space of just two weeks. We visited three cities and saw many Chinese and American companies – some thriving, others fighting for survival. Students also dashed around cities and suburbs on their own to conduct independent projects.On our last day, when I asked them what stood out the most, perspectives varied. Some were impressed by China’s transportation infrastructure and cleanliness, and by the sophistication of its economy. Others remarked on the apparent poverty amid the glamour and glitz of Shanghai and Hong Kong, and many noted the constant presence of government surveillance. But all had been pleasantly surprised by their in-person encounters and meetings with Chinese people from all walks of life – from people on the street to heirs of billion-dollar family businesses. They found the Chinese people to be warm and even humble.Students who had been wary or suspicious were heartened by the experience. One had previously helped draft anti-China legislation when she worked in government, and another had experienced an intense US-China standoff in the South China Sea. A US Department of State travel advisory had left many students worried, but they wanted to know more about the country beyond what they had read in the headlines.The joy and sense of relief were mutual. Chinese children and their parents giggled when one of my students picked up a toddler and tossed him in the air. Women selling bowls of noodles for six renminbi (less than a dollar) made sure that students who could not read Chinese received the same discounts offered to Chinese customers. Everywhere we went, people told me that my students were a breath of fresh air – just as fun and open as they remembered Americans to be. They laughed with them, took pictures, and delighted in showcasing their work to them. They had missed these Americans. After years of isolation and negative press, they had grown worried that Americans had changed.Of course, not all Chinese and Americans would get along, and the trip did not suddenly transform my students into China super-fans. But it did help them appreciate the complexity of the world’s second-most-populous country. They saw first-hand that the Chinese people – almost entirely absent from US news coverage – are not the same as the Chinese government or what US news headlines might suggest.The US and China must work through many differences, which will not happen overnight. In the meantime, it is crucial that we preserve in-person interactions. Chinese and Americans must not lose sight of their common humanity. The greater the tension between their governments, the more important this becomes. – Project SyndicateNancy Qian, Professor of Economics at Northwestern University, is Co-Director of Northwestern University’s Global Poverty Research Lab and Founding Director of China Econ Lab.

South Korea is in talks with China and Japan to set a specific date to host a long-stalled trilateral summit next month, South Korea's Foreign Ministry said Friday."We are currently discussing the date of the summit in Seoul, and we will let you know the specific date as soon as it is decided," a Foreign Ministry official said, according to Yonhap News Agency.The three countries have decided to hold the summit at the "earliest time convenient" for all sides, according to the official.On Thursday, Japan's Kyodo News reported the three countries' leaders will likely discuss economic cooperation and regional issues, such as North Korea's nuclear and missile threats, if the summit takes place, citing multiple diplomatic sources.Japanese Prime Minister Fumio Kishida and Chinese Premier Li Qiang will be visiting Seoul to meet with President Yoon Suk Yeol as South Korea is the current rotating chair.The Seoul-Beijing-Tokyo summit has not been held since the last one took place in China's southwestern city of Chengdu in December 2019.The summit has been suspended due to the COVID-19 pandemic outbreak and deterioration in Seoul-Tokyo relations over the issue of compensating Korean victims of forced labor during Japan's 1910-45 colonial rule of the Korean Peninsula.Talks of reviving the summit gathered momentum amid a dramatic warming of the Seoul-Tokyo relations after South Korea said in March last year it will compensate the Korean victims on its own without asking for contributions from Japanese companies.

The season-ending WTA Finals will be held in Saudi Arabia’s capital Riyadh from 2024-2026, the women’s tennis body said on Thursday, ending months of speculation and marking the Gulf country’s latest foray into the sport.Riyadh will host the season finale – which features the top eight singles players and doubles teams – from Nov. 2-9 and replaces last year’s hosts Cancun, Mexico.The WTA said its agreement with the Saudi Tennis Federation will offer record prize money of $15.25mn this year with further increases in 2025 and 2026.“To have a women’s tournament of this magnitude and profile is a defining moment for tennis in Saudi Arabia. The WTA Finals has the power to inspire far beyond the sport, especially for our young girls and women,” the Saudi sports minister Prince Abdulaziz bin Turki al-Faisal al-Saud told Reuters. Talk that the event could be shifted to Saudi Arabia had intensified after the men’s ATP Tour said last August its Next Gen Finals would be held in Jeddah from 2023 to 2027.“The WTA selected Riyadh following a comprehensive evaluation process over several months, which has included assessment of multiple bids from different regions and engagement with players,” it said in a statement.Saudi Arabia landing the elite tournament is the latest sign of its increasing influence on the sport, after Rafa Nadal was named ambassador of its tennis federation with plans also in the pipeline for a training academy.The men’s ATP tour also signed a multi-year “strategic partnership” with Saudi Arabia’s Public Investment Fund (PIF), which is now the official naming partner of the men’s rankings. Saudi Arabia has invested heavily in sports like soccer, Formula One and golf in the last few years.‘NEW OPPORTUNITY’WTA chief Steve Simon said Saudi Arabia had made great progress in the field of sports in recent years and continued to engage with players of all ages for a better future. “Bringing the WTA Finals to Riyadh is an exciting new opportunity for us and a positive step for the long-term growth of women’s tennis as a global and inclusive sport,” Simon said.“We’ve been impressed by the commitment shown by the Saudi Tennis Federation to grow the sport at all levels.” World number one Iga Swiatek and Caroline Wozniacki said at the Australian Open that engagement offered the chance to spark positive change.SHIFTED FROM SHENZHENThe tournament was looking at a long future in Shenzhen, China, when the WTA held the 2019 edition of the Finals there with a prize pot of $14mn after the Asian city saw off rival bids to secure a 10-year deal.However, China’s response to the Covid pandemic forced the event to be cancelled the following year and it was shifted to Guadalajara, Mexico in 2021. It did not return to Shenzhen in 2022 as expected after the WTA suspended its billion-dollar business in China amid concerns over the treatment of former doubles number one Peng Shuai.The WTA eventually resumed operations in China last year.Fort Worth, Texas hosted the 2022 tournament, drawing sparse crowds and the WTA was expected to shift it to Saudi Arabia last year before naming Cancun as the venue less than two months from the start. That edition was criticised by Australian Open champion Aryna Sabalenka, who said that she felt “disrespected” by the standard of organisation, prompting Simon to send a letter to players admitting the event was “not perfect”.

Max Verstappen will be aiming to bounce back from his rare retirement in Australia with a statement win in Sunday’s Japanese Grand Prix but Ferrari are confident they can take the fight to him at Suzuka.Red Bull’s triple Formula One world champion has won from pole position on his last two visits to the figure-of-eight circuit owned by engine partner Honda, and both times by a considerable margin after a previous setback.In 2022, when Suzuka returned after a two-year absence following the Covid-19 pandemic, Verstappen beat teammate Sergio Perez by 27 seconds in a rain-shortened race to secure his second drivers’ title.He had finished only seventh in the previous race in Singapore, won by Perez.Last year, Verstappen was fifth in a Singapore Grand Prix won by Ferrari’s Carlos Sainz – Red Bull’s sole defeat of the season – and he then dominated at Suzuka, with fastest lap, to beat McLaren’s Lando Norris by 19 seconds.This time he turns up after suffering his first retirement since 2022, ending a run of nine successive wins, with Sainz going on to win in Melbourne in a Ferrari one-two with Charles Leclerc.Both of Verstappen’s Japanese wins came much later in the year, with Suzuka moving from a September/October title-deciding slot to peak tourist season, but Red Bull hope the story remains the same.“Unfortunately we had a retirement in Australia so we want to come here and show that we are quick again,” Verstappen said at a fan event in Tokyo.“For the last two years, but especially last year, for me Suzuka was a great place, so hopefully we can do something similar.”Suzuka’s fast and flowing lines, with the awesome 130R corner, make it a very different challenge to the three races so far in Bahrain, Saudi Arabia and Melbourne but the sinuous circuit could also play to Red Bull’s strengths.The champions are also rumoured to be bringing a significant car upgrade, with attention focusing on aerodynamic modifications to the sidepods.Ferrari have emerged as Red Bull’s closest rivals, with Leclerc now only four points adrift of Verstappen.“Everybody is very, very tight and each weekend we will need to start from scratch and push again and again and again,” said Ferrari team boss Fred Vasseur at the fan event.“Last year we didn’t perform very well (in Suzuka) but I think we took a step forward in this kind of very high-speed corner. We are in a much better shape compared to one year ago.“I’m convinced that Red Bull will be very strong in Japan, it will be difficult, but it’s open and I think it’s a good motivation the fact that we won last week.”Japanese fans will have two home drivers to cheer in first practice, with Ayumu Iwasa replacing Australian Daniel Ricciardo alongside Yuki Tsunoda at Red Bull-owned RB.Haas’s Japanese team boss Ayao Komatsu will also be making his home debut since taking on the role in January, with the US-owned team chasing a third successive finish in the points.

The world is on the precipice of a technological cold war. As authoritarian regimes develop new digital tools that endanger open societies and threaten democratic values, the West must decide whether to compete or concede.Winning the race for future technologies demands a united front. Just as the West came together to deter Soviet expansionism and stop the spread of communism in the postwar period, the United States and the European Union must revitalise the transatlantic alliance to win the competition for global tech leadership. That means developing a new joint strategy, pooling resources and capabilities, streamlining regulations, and leveraging their strengths – such as advanced tools for semiconductors and lasers, artificial intelligence, quantum computing, and genomics in Europe, and fusion energy, commercial space operations, and synthetic biology in the US.It will also be necessary to build resilient supply chains. With China dominating the supply of metals and rare-earth elements necessary for batteries, semiconductors, and other technologies, the US and the EU are sleepwalking into a critical-minerals crisis. For example, China’s market share of high-powered permanent magnets for offshore wind turbines is nearly 90%.Lastly, both the US and the EU must focus their efforts on achieving new breakthroughs in vital sectors, including AI, biotech, advanced networks, clean energy, and the manufacturing technologies of tomorrow. To that end, the US CHIPS Act and the European Chips Act offer a blueprint – or at least the beginnings of one – for bolstering competitiveness in the next big technologies.Co-operation on technology is not new. From the Council of Europe in Strasbourg to the International Telecommunication Union in Geneva, from the OECD to the European AI Act, the race to artificial intelligence seems sometimes to be a policymaking race, to control and co-ordinate it – and rightly so, in some cases. For example, the main risks identified by the interim report of the UN’s AI Advisory Body include risks to the stability of financial systems and to critical infrastructure, as well as strains on the environment, climate, and natural resources.These issues are too important to be overlooked. In a recent report, the French AI Commission called for the creation of a World AI Organization to “evaluate and oversee AI systems.” This could be a good idea, but it is not the only way to move forward. After all, the existence of the WHO is fundamental, but while it has played a vital role in the eradication of some diseases, it did not prevent the Covid-19 pandemic.Moreover, regulation should be a means to an end, not an end in itself. Despite the so-called Brussels effect, the EU’s alleged ability to set global standards, the bloc’s landmark regulations on electric vehicles or the General Data Protection Regulation have hardly made the EU a superpower in electric mobility or in data privacy. That is why transatlantic co-operation should be broadened to include research and development programmes and large “moonshot” projects.Just as sanctions alone have not curbed Russia’s aggression against Ukraine, regulation will not be enough to prevent bad actors from misusing AI. Similarly, the West will have to go on the offensive against China’s techno-authoritarian model. Sharing intelligence can identify supply-chain vulnerabilities and facilitate “friend-shoring.” In addition to developing technological ecosystems with like-minded partners, it will be crucial for US and EU policymakers to expose short-sighted private ventures that play into the hands of those who see technology as a tool of oppression, not liberation.Moreover, the US and the EU cannot expect to win the technology race – which is also a war of ideas – when their citizens have been herded into social-media echo chambers, and when 44% of children globally use TikTok. On this cognitive battlefield, the West must lead the charge to develop technologies that encourage critical thinking and protect privacy, and to stop the destabilising fragmentation of the digital sphere and the spread of online hate and disinformation.A revitalised transatlantic alliance must ensure that emerging technologies reflect democratic principles and boost strategic autonomy. Forging partnerships with like-minded countries, including Australia, India, Japan, and South Korea, and enhancing co-operation among the G7 and the OECD could support these efforts. Together, they could develop an alternative model of technological empowerment – free of digital repression and authoritarianism – for developed and developing countries alike.Western leaders should take inspiration from the Covid-19 vaccines, which, building on collaboration, massive experimentation, and decades of fundamental science, were developed in a record eight months. We must keep this spirit alive. — Project Syndicate

Christians celebrated a grim Easter in Gaza and Jerusalem Sunday, with the tiny Catholic community in the war-torn Palestinian territory holding their vigil service as fighting raged on outside.Around 100 people gathered by candlelight on Saturday night at the Holy Family Church in Gaza City in the famine-threatened north to mark the resurrection, when Christians believe Christ rose from the dead.The church is a short drive from Al-Shifa hospital where heavy combat has been raging for two weeks between Israeli troops and Hamas fighters.The atmosphere in Jerusalem was equally heavy, with few people at the sacred sites which are usually crowded at Easter.Even the main Catholic Easter Sunday service at the Holy Sepulchre Church -- built on what is said be the tomb of Jesus -- was not full.Pierbattista Pizzaballa, the Latin Patriarch of Jerusalem, led worshippers who bowed down and kissed the marble slab where Christians believe Christ's body was anointed after he was taken down from the cross.Sister Angelica, an Italian nun from Perugia, said she was heartbroken to see so few people at the ancient church, regarded as Christianity's holiest shrine."We were so few. It breaks my heart. But we are like the first Christians, they were few too."She said pilgrims were staying away because of the "suffering and death (in Gaza)".With pilgrims prostrating themselves on the marble stone, she said most years there was a crush even to get into the square in front of the Holy Sepulchre Church."Look, how (this year) it is empty, even inside," she told AFP.Mother and daughter Kasia, 33, and Ewa, 60, from Warsaw in Poland -- veterans of 10 Holy Land pilgrimages -- said they had never seen the sacred shrines so quiet."It is no wonder with the war," said Kasia, who spoke on condition her full name not be published. "It is terrible. They are killing children (in Gaza). It is so wrong."A Nigerian Pentecostal pastor from Agege near Lagos said the war would had not put him off staying for a month.But he admitted that in 30 years of visits he had never seen "the Holy City so empty. There were more priests than people in the Holy Sepulchre Church on Holy Thursday. People are afraid".Shopkeeper George Habib in the Old City said Easter -- usually his busiest period -- "is a disaster"."There is no one here. It is worse than Covid... It feels that this war is never going to end."

Well-capitalised banks are supporting economic development in Qatar, along with maturation of the domestic financial systemThis year’s analysis of Qatar’s economy by the International Monetary Fund (IMF) covered a range of subjects comprehensively and in some depth. There is a considerable degree of overlap between the respective views of the IMF and Qatari institutions, including the Qatar Central Bank (QCB). Both agree that the role of a central bank is to be prudent, including deployment of counter-cyclical measures, to smooth out peaks and troughs in economic activity and help sustainable economic growth.This is generally the best disposition, and especially in the case of an economy with strong exports from oil and gas. Viewing a central bank as the engine for growth risks encouraging short-term GDP growth through public sector spending, causing imbalances in the economy. Cheap money also tends to result in speculative bubbles of asset valuations, causing further destabilising effects.Maintaining the dollar peg is another example of fiscal conservatism, where the IMF and QCB share the same policy preference. The downside of, on occasion, having to follow an increase in US interest rates owing to a rise in inflation in the US that Qatar has not experienced, is more than offset by the stability and transparency of pegging the riyal to the world’s primary reserve currency, in which oil and gas are traded.The banking industry is well-capitalised, the IMF reported, as confirmed by a recent stress test by the Qatar Central Bank which showed the banking sector to be resilient overall, though a few of the weaker banks may have to increase capitalisation if distressed conditions arose. There has been a modest increase in non-performing loans (NPLs) at 3.8%, but provisioning coverage is high, at nearly 80%. The QCB has sought technical assistance from the IMF on stress testing.IMF economists signalled, not for the first time, a potential risk from relatively high rate of overseas deposits to Qatari banks by non-residents. It also noted that Qatari banks’ exposure to such deposits had declined since the QCB introduced measures in 2022, and that funding needs were lower. The QCB has also refined policy measures to mitigate risks associated with banks’ short-term foreign asset-liability mismatches.It is helpful to have diverse sources of deposits for the banking system, and what is more important than the level of deposits from overseas is their nature; the longer-term, the better. Mitigating this and other risks is further development of the domestic bond market. Commercial bonds issued in Qatari riyal are now available. A mature bond and debt market would also improve access to financing for companies, and increase the range of domestic options for investment, adding to equities and to real estate investment – the latter of which has been subject to over-supply. The real estate sector is a potential source of further increase in NPLs.Generally, the greater the development of a domestic bond market and secondary debt market, the greater the potential to reallocate capital resources towards more profitable assets and ventures.The IMF noted that banks had withstood the gradual exit from government financial support relating to the Covid-19 pandemic. The Qatar Development Bank has stepped in with soft loans or other forms of support where subsidies are discontinued for small and medium-sized enterprises (SMEs). It recommends vigilance, to ensure the viability of firms in receipt of support, and to monitor any increase in NPLs. It recommends regular stress testing and information sharing among financial supervisors to identify vulnerabilities.Qatar has a strategy in place respectively for both fintech sector and green technology. The National Fintech Strategy established by the QCB has four pillars – infrastructure, regulation, capacity development and ecosystem development and the IMF recommends monitoring against international benchmarks. For green technology and environmental, social and governance (ESG) policies, Qatar has made progress on policy, reporting requirements, and risk management.In a detail of the report, the IMF notes that the government’s level of foreign exchange holdings has not risen in line with the healthy increases in public sector surpluses. This indicates a higher level of investment by the sovereign wealth fund, the Qatar Investment Authority. The report noted a lack of detail available, but was able to report a strong reserves position, including the QIA’s sizeable overseas assets, a combination that serves to limit risks and vulnerabilities to capital flows.Overall, a promising picture emerges of the Qatari banking and financial system featuring caution regarding macro-prudential issues assisting financial stability, alongside some innovations that help deepen and diversify domestic financial instruments and strategies.The author is a Qatari banker, with many years of experience in the banking sector in senior positions.

Gold prices are gaining and have hit a record high last week propelled by major geopolitical tensions and expectations of interest rate cut in the world’s largest economy, the United States.These, analysts say, push global investors to turn to gold as a neutral reserve asset.Gold’s role in the economic and investment landscape has long been a subject of considerable debate.“Historically, gold has served as a store of value, safe haven and internationally convertible asset for millennia,” QNB said in a recent research note.In fact, gold has even underpinned the global monetary system during the Gold Standard (1871-1914) and the Bretton Woods System (1945-1971), when major currencies had to be pegged to the yellow metal in order to be considered “convertible” or a true reserve currency.Despite its non-income-generating nature and the expenses involved in its extraction, gold continues to be held in high regard by investors, including households, sovereign states, and corporations. Its enduring appeal lies in its proven ability to act as a reliable store of wealth, safeguarding assets against periods of significant economic distress and systemic macroeconomic challenges, such as the Great Financial Crisis of 2008-09 or the Covid-19 pandemic of 2020-22.Importantly, after a significant slide from the pandemic highs, gold has recently benefited from a resurgence in demand.Spot gold gained 1.2% to $2,220.85 per ounce on March 28, logging its best month since July 2020, at a 9% increase, and a second straight quarterly rise. Bullion hit a record high of $2,225.09 per ounce earlier.Gold could rise further if the markets start to expect a deeper Fed cutting cycle, and has the potential to “hold on to these highs, but we do see signs of buying exhaustion emerging in the very near term,” said Daniel Ghali, commodity strategist at TD Securities.According to QNB, gold has recently demonstrated again its enduring value as a safeguard against inflation. In the aftermath of the pandemic, monetary authorities in advanced economies faced significant challenges due to a surge in inflation.This created concerns about the rapid pace of decline in the “real value of money,” as more units of currency would be needed to buy the same baskets of goods and services.Not surprisingly, during this period of higher inflation, gold prices reached all-time highs. This offered a compelling affirmation of the long-held belief that gold is an effective hedge against inflationary pressures.Second, the monetary policy cycle in the US and Europe should soon become a tailwind for gold prices. While nominal yields are now much higher than they were in the recent past in most advanced economies, this dynamic is set to change significantly in short order.Third, the current global economic climate is beset with geopolitical uncertainties, such as the Russo-Ukrainian War, ongoing conflicts in the Middle East, and increasing US-China tensions in the Taiwan Strait.“These factors can contribute to a heightened risk premium on traditional assets, steering investors to hedge with alternative safe havens,” QNB noted.With its proven track record as an inflation hedge, gold has reaffirmed its position as a cornerstone of alternative investments.

QNB said that it expects growth of the economies of the Association of Southeast Asian Nations (ASEAN-6) will remain slower in 2024 than the pace recorded pre-pandemic, due to weak external demand and tightening domestic and international financial conditions.The bank pointed out in its weekly report that, although growth in ASEAN-6 countries remains strong according to international standards, it is lower than its pre-pandemic historical performance. It noted that Southeast Asia has been the most dynamic region in recent decades, achieving the best economic growth. The six major countries in the Association of Southeast Asian Nations (ASEAN-6), which include Indonesia, Thailand, Singapore, Malaysia, Vietnam, and the Philippines, have been among the fastest-growing economies in recent years.The report added that with the end of the COVID-19 pandemic, it was expected that these countries would return to the strong growth rates they had achieved in previous years. However, the economic environment in 2023 provided less support, and in 2024, the performance of these economies will remain weaker than the growth rates recorded before the pandemic.The report attributed this to two key factors. Firstly, external demand is expected to remain weak in 2024, indicating a decline in the support provided for economic growth in the member countries, which are highly globally integrated. International trade is a key factor for their growth, with exports accounting for between 20 and 30 percent of GDP in Indonesia and the Philippines, between 65 and 95 percent in Thailand, Malaysia, and Vietnam, and 180 percent in Singapore.In 2023, global trade performance was disappointing and contracted slightly. Over the past forty years, a contraction in global trade has only occurred in 2009 due to the global financial crisis and in 2020 due to the pandemic. The report expects a moderate recovery this year, with international trade set to expand by around 2.8 percent due to improved performance in global manufacturing. Although this growth rate represents an improvement compared to last year, it implies a significant decline compared to the long-term average of 4.6 percent recorded during the period 2000-2022. Given the importance of trade for ASEAN-6 economies, this slowdown represents a major obstacle to economic growth, making it more difficult for the region to return to the growth rates that prevailed before the pandemic.The second factor on which the bank based its forecast is that high interest rates in major advanced economies as well as in ASEAN-6 countries have increased challenges to economic growth.In advanced economies, interest rates have reached their highest levels in years, with the U.S. Federal Reserve and the European Central Bank raising interest rates by 525 and 400 basis points respectively since mid-2022. Although the two major central banks have reached the end of their tightening cycles and are now discussing the timing of rate cuts, the process will be gradual, and interest rates are expected to stabilize at higher levels than in the previous economic cycle.Similarly, central banks in ASEAN-6 countries implemented their own monetary tightening cycles to contain rising prices. In these economies, the average increase in benchmark interest rates was 240 basis points, higher than those prevailing at the onset of the pandemic. The report expects central banks in Southeast Asia to reach a turning point in monetary policy by mid-year, given the slowdown in economic growth and continued downward trends in inflation.It concluded by saying that relatively high interest rates and the lagged effects of monetary policy will continue to weigh on activity in the coming quarters. (QNA)

After almost two years in power, Italian Prime Minister Giorgia Meloni is more popular and influential than ever, not only in Italy but also across the European Union. For the leader of Fratelli d’Italia (Brothers of Italy) – a political party with roots in Italian fascism that, until recently, had relatively few members, no culture of governance, and a firmly anti-EU, anti-euro stance – this is a remarkable achievement.Meloni leads a three-party coalition with the far-right Lega and the centre-right Forza Italia. But the Brothers of Italy enjoy a solid majority. And that is not the only thing that distinguishes it from its coalition partners. Unlike the pro-Russia Matteo Salvini, who leads Lega, Meloni is vocally pro-Nato. This is a major reason why EU leaders – as well as markets – view her in an increasingly positive light.Meloni is now poised to have lasting influence in European politics, where the Brothers are part of the centre-right European Conservatives and Reformists (ECR) Group – of which Meloni is president. Forza Italia, for its part, belongs to the European People’s Party (EPP), while Lega belongs to the Identity and Democracy Group, along with far-right parties like Germany’s Alternative für Deutschland and France’s National Rally.Already, Meloni is taking advantage of expectations that this June’s European Parliament elections will strengthen the right and weaken the centre to boost the ECR’s relevance. While the EPP is leading in the polls, it will have to form a coalition to govern – and it will need ECR votes. Meloni may well seize this opportunity to secure a senior position for the Brothers in exchange for supporting the EPP’s Ursula von der Leyen in her bid for a second term as European Commission president.To be sure, a formal alliance between the ECR and the EPP, together with the liberals, is unlikely. The ECR’s membership – which includes radical right-wing parties, such as Spain’s Vox, Poland’s Law and Justice (PiS), and new arrivals like France’s Reconquête! – makes the group difficult for mainstream parties to accept.But pragmatic negotiations and support on specific issues will not be impossible. And here, Meloni might emerge as a key power broker. Amid all the political wheeling and dealing, however, some of the exiting Commission’s commitments, such as its green policy, are likely to be diluted.Meloni’s impact on European politics is likely to extend beyond the European Parliament. The marriage between a party with roots in fascism, a pro-Russian party, and an EPP member might seem to be an Italian idiosyncrasy, which is unlikely to be repeated. But, so far, it has worked. And if it works in Italy, it could provide a way forward for other political parties in Europe.In the last two decades or so, voters in many advanced democracies have steadily become less faithful to political parties. There have been large swings in support, and new parties have risen – and sometimes fallen – rapidly. Whereas traditional parties used to offer comprehensive political programs, new movements often focus on narrow issues. As voting becomes increasingly transactional, space for “unnatural” alliances is growing.But the picture for Meloni is not all rosy. In fact, continued stable support in Italy is far from guaranteed. The Brothers’ rise has been meteoric, with its share of the popular vote soaring from 4% in 2018 to about 27% today. But the party’s strength has been mostly a result of others’ weaknesses. This is true elsewhere in Europe as well: the governments of most EU countries – France, Germany, the Netherlands, Portugal, and Spain – are unlikely to survive the next election. It is also true in Italy, where a divided opposition cannot mount much of a challenge.But Italy’s electorate can be fickle, not least in the face of economic hardship. And while the Italian economy has performed relatively well since the Covid-19 pandemic – better than Germany – the outlook seems to be darkening, as the crisis-response measures, especially generous subsidies to the construction sector, are rolled back.Italy’s fiscal deficit is projected to reach 4.3% of GDP this year – 0.6 percentage points above the government’s original target – and its net primary expenditure is forecast to violate the EU’s new fiscal rules. Add to that concerns from independent forecasters that growth estimates for 2024 are overly optimistic, and a sharper-than-expected fiscal adjustment seems likely. As four years of government largesse come to an end, growth will decline.Fortunately, the risk premium on Italian government bonds has not yet been affected. Gone are the days of financial-market instability driven by bets against the euro. But the market is watching Italy’s performance closely, and sentiment may turn.Though Meloni has proved to be a creative politician – and not the populist many feared she would be – leadership based on others’ weakness is not sustainable. And so far, Meloni has failed to formulate any strategy for addressing Italy’s structural problems, its regional disparities, and the need for reform of the health and pension systems. Sooner or later, voters may well leave the Brothers behind. – Project SyndicateLucrezia Reichlin, a former director of research at the European Central Bank, is Professor of Economics at the London Business School and a trustee of the International Financial Reporting Standards Foundation.

The largest crane on the US Eastern Seaboard readied Friday to begin salvage work to clear Baltimore harbor after a cargo ship crashed into a major bridge causing it to collapse.Vessel traffic through the busy Port of Baltimore has been suspended indefinitely since the accident brought down the Francis Scott Key Bridge in stunning speed, claiming the lives of six men working on a pothole repair team.Road traffic has also been impacted, with thousands of motorists each day being diverted to an already congested tunnel under the city.The work of clearing tons of steel debris from the deep waters of the Patapsco River is expected to be difficult and dangerous, made more delicate by the fact that the bodies of four workers have yet to be recovered.But the arrival of the huge floating crane -- able to lift a 1,000-ton load -- will allow the work to begin.The four missing workers are believed to have been killed when the Singapore-flagged, 300-meter container ship Dali lost power and careened into a bridge support column early Tuesday.Officials said that as the crane begins work, with two more smaller floating cranes en route, an early challenge will be to cut the twisted bridge wreckage into pieces the cranes can handle.The federal administration has approved $60 million in emergency funding for the complex cleanup and recovery operation, while the cost of building a new bridge could ultimately hit $1 billion.The operation will likely take place in three phases: trusses from the bridge removed to allow one-way traffic into and out of the port; bridge segments on the ship lifted so the ship can be moved; and then steel and concrete debris from the river bed cleared.The project will likely take months, though one analyst told the US Naval Institute that the channel could be reopened for limited traffic in as little as a month.The Army Corps of Engineers, which is leading the effort, said it has activated an emergency plan to deploy more than 1,100 engineering, construction, contracting and operations specialists.The Corps is also sending remotely operated vehicles and sonar equipment; several ships to help in debris removal; and dive safety experts.The accident had an immediate impact on cargo shipping -- and on the jobs of an estimated 15,000 people employed directly at the major port -- with auto, coal and sugar shippers immediately affected.Baltimore is the biggest vehicle-handling port in the country, according to US Transportation Secretary Pete Buttigieg.Cruise lines were also hit. Royal Caribbean, one of four cruise lines to use the Baltimore terminal, said it had rerouted a returning liner, the Vision of the Seas, to Norfolk, Virginia.Abe Eshkenazi, CEO of the Association for Supply Chain Management, told CNN that the country's supply chains were more resilient today thanks to work done after the Covid-19 pandemic caused huge shipping delays.