ST. PETERSBURG: Russia must keep inflation low and stable if it is to have a chance of spurring economic growth via increased consumer spending, the World Bank’s chief executive officer (CEO) said.
Inflation stood at around 17 percent in early 2015 but Russia has since reined in consumer prices, bringing annual inflation down to a post-Soviet low of around 4 percent.
Kristalina Georgieva, the World Bank’s CEO, said keeping inflation low was important to give Russia’s middle class the confidence and ability to spend more.
The World Bank sees Russia’s gross domestic product (GDP) growing by 1.3 percent in 2017 and 1.4 percent in 2018 and expects annual inflation to stabilize close to the central bank’s target of 4 percent.
Georgieva said Russia also needed to ensure overall macroeconomic stability, pay attention to major social issues and boost competitiveness if it wanted to boost the economy.
Georgieva, who served as the World Bank’s director for Russia in the mid-2000s, was speaking to Reuters on the sidelines of an economic forum in St. Petersburg.
Russia must ensure price stability to spur growth: World Bank
Russia must ensure price stability to spur growth: World Bank
Saudi Arabia, Japan trade rises 38% between 2016 and 2024, minister says
RIYADH: Trade between Saudi Arabia and Japan has increased by 38 percent between 2016 and 2024 to reach SR138 billion ($36 billion), the Kingdom’s investment minister revealed.
Speaking at the Saudi-Japanese Ministerial Investment Forum 2026, Khalid Al-Falih explained that this makes the Asian country the Kingdom’s third-largest trading partner, according to Asharq Bloomberg.
This falls in line with the fact that Saudi Arabia has been a very important country for Japan from the viewpoint of its energy security, having been a stable supplier of crude oil for many years.
It also aligns well with how Japan is fully committed to supporting Vision 2030 by sharing its knowledge and advanced technologies.
“This trade is dominated by the Kingdom's exports of energy products, specifically oil, gas, and their derivatives. We certainly look forward to the Saudi private sector increasing trade with Japan, particularly in high-tech Japanese products,” Al-Falih said.
He added: “As for investment, Japanese investment in the Kingdom is good and strong, but we look forward to raising the level of Japanese investments in the Kingdom. Today, the Kingdom offers promising opportunities for Japanese companies in several fields, including the traditional sector that links the two economies: energy.”
The minister went on to note that additional sectors that both countries can also collaborate in include green and blue hydrogen, investments in advanced industries, health, food security, innovation, entrepreneurship, among others.
During his speech, Al-Falih shed light on how the Kingdom’s pavilion at Expo 2025 in Osaka achieved remarkable success, with the exhibition receiving more than 3 million visitors, reflecting the Japanese public’s interest in Saudi Arabia.
“The pavilion also organized approximately 700 new business events, several each day, including 88 major investment events led by the Ministry of Investment. Today, as we prepare for the upcoming Expo 2030, we look forward to building upon Japan’s achievements,” he said.
The minister added: “During our visit to Japan, we agreed to establish a partnership to transfer the remarkable Japanese experience from Expo Osaka 2025 to Expo Riyadh 2030. I am certain that the Japanese pavilion at Expo Riyadh will rival the Saudi pavilion at Expo Osaka in terms of organization, innovation, and visitor turnout.”
Al-Falih also shed light on how Saudi-Japanese relations celebrated their 70th anniversary last year, and today marks the 71st year of these relations as well as how they have flourished over the decades, moving from one strategic level to an even higher one.
