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Qatar National Bank (QNB) said that economic growth in Japan is set for a recovery next year, on the back of real income growth boosting consumption, fiscal stimulus and an improving outlook for export oriented sectors.In its weekly commentary, QNB said, "At the beginning of the year, optimism shaped the outlook for economic growth in Japan. The expected pace of real GDP expansion for 2024 stood close to 1 percent. Even if not impressive by cross-country comparisons, this was encouragingly above the 0.75 percent annual average for Japan since 2000. The relative optimism gradually faded throughout the year, amid a challenging context of weak external demand, stagnant consumption, and geopolitical uncertainty. Recent forecasts even point to a slight contraction of the Japanese economy for this year. However, headwinds are easing, and conditions are becoming more favourable for the Asian country."The bank pointed out, "In our view, economic growth in Japan is set for a moderate rebound next year. In this article, we discuss three key factors that will contribute to a better performance for the Japanese economy in 2025."First, robust wage growth is set to outpace inflation, boosting income in real terms and fuelling a recovery in consumption. High inflation has eroded the purchasing power of household income during the last two years. As a result, consumption has stagnated, remaining significantly below the pre-pandemic average during 2018-2019. Since mid-year, growth in wages adjusted for prices began to recover, on the back of the shunto agreement the yearly negotiations between labor unions and corporate leaders that led to average wage increases of 5.6 percent, the largest in 33 years. In Q3 this year, consumption grew at a surprisingly strong annual rate of 3.6 percent, the highest since the post Covid-pandemic recovery."Going forward, the largest labor union federation aims to reach an agreement that would deliver a wage increase similar to the previous one. Average wage gains of 5 percent with inflation running closer to 2 percent would imply a substantial increase in the purchasing power of households. Prime Minister Ishiba is supporting the wage increases, seeking to bring the economy to a virtuous cycle of growth with stable inflation. Given that consumption represents approximately 60 percent of the Japanese economy, the boost provided by real income represents a strong support to economic growth."Second, the government has put forth new policy initiatives and a fiscal program that will provide further stimulus to the economy. In November, the Cabinet approved a JPY 21.9 Tn (USD 140 Bn) package that includes inititatives to mitigate the impact of inflation on household spending, as well as to increase investment in key industries. The measures include cash transfers to low-income households, subsidies for electricity and gas bills, as well as raising the annual tax-free salary threshold to encourage workforce participation, especially among women."The government is also targeting an increase in investment, with support to capital expenditures in artificial intelligence and semiconductor industries, in a bid to regain competitiveness of the Japanese economy. In the first three quarters this year, investment has grown by only 0.2 percent relative to the same period last year, an underwhelming pace of capital spending that is restraining long-term economic growth. The new measures by the government will help bolster aggregate growth."Third, export oriented sectors will benefit from the depreciation of the yen and improving external demand. This year, the yen has depreciated by 7.6 percent on average relative to last year; a weaker yen enhances the competitiveness of export-oriented industries by making goods and services more affordable on the global market. This currency shift has notably benefited tourism, now one of Japan's largest export sectors. In October 2024, Japan welcomed a record number of 3.3 million visitors. Over the past 12 months, tourist spending reached approximately USD 37.7 Bn, underscoring the sector's substantial contribution to the economy."Beyond tourism, industries such as automotive and electronics are experiencing increased demand due to better price competitiveness. Additionally, exports will benefit from improving external demand: we expect growth in global trade volumes to continue to recover, accelerating to 3.2 percent in 2025, from an expected 2.8 percent this year. Altogether, an improving outlook for export oriented sectors will add to the economic growth recovery in Japan."QNB concluded, "All in all, economic growth in Japan is set for a recovery next year, on the back of real income growth boosting consumption, fiscal stimulus and an improving outlook for export oriented sectors. We expect the Japanese economy to grow 1.3 percent in 2025. This recovery will give room to the Bank of Japan to resume policy rate increases after a cautious hike in March, the first in 17 years."

As the world enters an era shaped by artificial intelligence (AI), low- and middle-income countries (LMICs) are expected to capture just 10% of the economic growth generated by AI technologies. But by forming strategic partnerships and making large-scale infrastructure investments, LMICs can harness these technologies to foster inclusive, sustainable development.Rapidly evolving AI systems have immense potential to revolutionise public-service delivery and alleviate poverty, unlocking economic opportunities for developing economies like Togo. But fully realising the promise of these new tools requires adequate infrastructure, such as a reliable electricity supply and broadband connectivity. Without these foundations, the world’s most advanced technologies will remain out of reach for communities that could benefit from them the most.On November 13-15, Togo’s Ministry of Digital Economy and Transformation organised an international AI conference in Lomé, bringing together government officials, researchers, civil-society leaders, international experts, and students to discuss the potential of emerging technologies to improve public services in the developing world.Togo is a prime example. During the Covid-19 pandemic, we launched Novissi, one of the world’s first fully digital cash-transfer programs. Initially designed to support low-income urban residents, Novissi rapidly expanded to cover rural areas in Togo’s 200 poorest cantons, enabling more than 920,000 informal-sector workers – roughly 25% of the country’s adult population – to enrol.By combining machine learning with mobile-phone metadata, satellite imagery, and phone surveys, the Novissi program ultimately identified and supported more than 150,000 households, demonstrating how data-driven approaches can help governments deliver essential services quickly and equitably.And this is just the beginning. In recent years, we have leveraged data science and digital technologies to improve our emergency response capabilities and make government services more efficient, cost-effective, and responsive to citizens’ needs.Consider the agriculture sector, which employs two-thirds of Togo’s population and accounts for 40% of its GDP. Using satellite imagery and machine-learning tools like Mosaiks, Togolese policymakers can forecast crop yields, anticipate poor harvests, and craft targeted agricultural policies. But the real strength of these technologies is their versatility: a single investment enables policymakers to make evidence-based decisions on a wide range of issues, from electrification to deforestation.By bolstering local ownership, African governments can drive inclusive growth. In Togo, we are working to build a sustainable ecosystem of local expertise through initiatives like the newly launched Togo Data Lab, a collaboration between the Ministry of Digital Economy and Transformation and the Center for Effective Global Action at the University of California, Berkeley. The project joins other prominent African institutions working to position Africa at the forefront of digital development, such as the African Institute for Mathematical Sciences and the Global Partnership for Sustainable Development Data.In Togo, the Lab will assist the Togolese government in building sustainable data-science capabilities, thereby enabling us to use AI tools like large language models (LLMs) to accelerate progress toward the UN Sustainable Development Goals. Togolese data scientists trained at the Lab will then collaborate with international experts, thereby ensuring that solutions are driven by local talent.In its first year, the Togo Data Lab will focus on agriculture, training staff to use Mosaiks to measure crop yields more precisely. But we have much higher ambitions. We see the Lab as a scalable platform capable of addressing major challenges in health, education, and climate policy. We imagine a health-care system transformed by data science, with AI tools improving disease surveillance and enabling policymakers to predict outbreaks of preventable illnesses, and classrooms where LLM-assisted tutors handle administrative tasks, freeing teachers to do what they do best: teaching and connecting with students.We have made remarkable progress, but there is much more to be done. For too long, African countries have been sidelined from the digital revolution due to limited technical capacity and inadequate infrastructure. That must change, and now is the time to change it.I urge the international community to join this vital effort. By engaging the private sector and making targeted investments, Africa could become a leader in the global digital economy, not just a participant.Investing in local capacity not only empowers policymakers in developing countries like Togo to make smarter, data-driven decisions. It also lays the groundwork for a vast global network of problem solvers, ready to harness cutting-edge technologies to tackle the world’s biggest challenges. – Project SyndicateCina Lawson is Minister of Digital Economy and Transformation of Togo

An acute shortage of construction workers could undermine the foundations of British government plans to get 1.5mn homes built by 2029 in England to help drive economic growth.Prime Minister Keir Starmer’s Labour Party won July’s election on a pledge to boost growth and improve infrastructure, as well as fix public services. Construction represents 6% of gross domestic product, but underpins growth in other sectors.While developers welcomed details of his plans for overhauling Britain’s planning system and freeing up more land for building, many say the ambitions of Starmer’s government are not achievable unless worker and skills shortages are addressed.These gaps have raised questions about whether Britain needs to rethink its post-Brexit immigration system, alongside better training to get more young people into the ageing workforce.“We haven’t really got enough workers to build the volume that we want to build now, let alone think that we’re going to get to 1.5mn homes over the next five years,” said Lioncourt Homes CEO Colin Cole, adding: “So it’s a big issue.” Cole said Lioncourt’s 1,000 workers, mostly sub-contractors, are working at full capacity to deal with the existing workload.“We will struggle to get the numbers of contractors to satisfy this demand,” said Cole, whose company is due to open its second-biggest housing site to date in the central English city of Worcester next month.Lioncourt is aiming to increase its sales to 250 homes in the 12 months from March 2025-March 2026, from 165 in the previous 12 months, and to 500 over the following five years, plans which pre-date the new government’s reform announcements.Britain has long lacked candidates to fill jobs, a problem made worse by the 2016 Brexit vote and Covid-19, with vacancies higher than their level before the pandemic.Its construction sector, as in many other countries, must also deal with many skilled workers nearing retirement age. The Construction Products Association predicts the sector is expected to lose 500,000 workers to retirement over the next 10-15 years, representing around 25% of the total workforce. Cole said 65% of Lioncourt’s bricklayers are over 45 and around 45% older than 55. Less than 10% are aged 25 or below.The government has announced 32 skills hubs to provide fast-track training for 5,000 more homebuilding apprentices a year by 2028 in trades such as bricklaying and scaffolding.The Construction Industry Training Board — which represents infrastructure as well as homebuilding — said there were around 33,600 apprentices on longer-term training schemes in 2022-2023, short of the 50,000 needed every year to maintain activity.One possible answer is for the sector to reflect the diversity of Britain’s population. The Chartered Institute of Building said just 6% of workers come from a Black, Asian or ethnic minority background, compared to 18% of the general public. Meanwhile, only 15% of the workforce are women.Finding workers to do the building might force Starmer to find a way to reconcile his promises to reduce record levels of migration with employers’ needs.Before Brexit, EU citizens had unrestricted rights to live and work in Britain. Firms now say the system to sponsor European workers makes it extremely difficult to fill shortages.Steve Turner, executive director of the Home Builders’ Federation, said the process for employers to sponsor foreign workers was not working, even after the previous Conservative government relaxed immigration controls for some construction roles including bricklayers, electricians, and carpenters.“Housebuilders are not using the system at all because it is too complex, time-consuming and costly,” Turner said.The government says it wants to train people already in Britain, to reduce dependence on foreign workers.

Outgoing US President Joe Biden said on Thursday that he had commuted the sentences of nearly 1,500 people and pardoned 39 others, in what the White House called the largest single-day act of clemency in the nation’s history.“America was built on the promise of possibility and second chances,” he said in a statement announcing the action. “As president, I have the great privilege of extending mercy to people who have demonstrated remorse and rehabilitation.”With their days in power ticking down, lame-duck presidents often issue a flurry of such acts of clemency, which are only applicable to federal crimes.The White House said the nearly 1,500 people granted commuted sentences – “the most ever in a single day” – had been serving them at home for at least one year.“These commutation recipients, who were placed on home confinement during the coronavirus (Covid-19) pandemic, have successfully reintegrated into their families and communities and have shown that they deserve a second chance,” Biden said.The American Civil Liberties Union (ACLU), which had launched a campaign urging Biden to take such action, praised the move in a statement.“We are thrilled that President Biden has allowed people to remain with their families and communities, where they belong,” said Cynthia W Roseberry, director of policy and government affairs at the ACLU’s Justice Division.The mass clemency was announced over a week after the president pardoned his son Hunter, something he had previously promised not to do, prompting outrage from both Republican opponents and many Democratic allies.Hunter Biden pleaded guilty in a tax evasion trial in September and was facing up to 17 years in prison.He had separately been convicted of federal gun charges, for which he was facing 25 years in prison.The president’s controversial pardon of his son followed in the footsteps of his predecessors, who also gave reprieves on their way out the door to family and well-connected allies.Bill Clinton, for example, granted a pardon on his last day in office to his half-brother Roger, who had served time in prison on drug charges, while Donald Trump pardoned his son-in-law’s wealthy father, Charles Kushner.The White House said those getting relief from the president on Thursday included a “a decorated military veteran and pilot who spends much of his time helping his fellow church members”.A nurse “who has led emergency response for several natural disasters” and an addiction counsellor “who volunteers his time” were also singled out for relief.“Together, these actions build on the president’s record of criminal justice reform to help reunite families, strengthen communities, and reintegrate individuals back into society,” the White House said. “The president has issued more sentence commutations at this point in his presidency than any of his recent predecessors at the same point in their first terms.”

As the aviation sector soars towards a historic milestone of $1tn in global revenue by 2025, the industry's top players and stakeholders remain acutely aware of the headwinds they face. Willie Walsh, Director General of the International Air Travel Association (IATA), has forecasted a brighter year ahead but underscores the fragility underpinning this progress. Persistent supply chain bottlenecks, fluctuating fuel costs, and geopolitical uncertainties continue to weigh heavily on an industry striving for both growth and resilience. Despite the headline-grabbing $1tn revenue projection, airlines operate on some of the thinnest profit margins in the commercial world. IATA estimates the global average profit per passenger will hover around $7 — a figure that highlights the precarious balancing act airlines must perform. For comparison, industries like software or pharmaceuticals often enjoy profit margins exceeding 20%, whereas aviation barely scrapes by with single-digit percentages. To put this into perspective, consider the complex and interconnected web of costs involved in running an airline. Fuel, which often accounts for 20-30% of operating expenses, has seen volatility due to geopolitical events such as conflict. Coupled with rising airport fees and the ongoing challenges of modernising air traffic management, these expenses threaten to erode profitability even further. Add to this the looming costs of decarbonization—an existential priority for the industry—and it becomes clear why profit margins remain under such pressure. On a more optimistic note, passenger numbers are expected to reach an all-time high of 5bn by 2025. However, this uptick in demand places immense pressure on infrastructure. Airports, air traffic controllers, and the supply chain must scale up to accommodate this surge, yet many regions face bottlenecks that could slow down any potential progress. Air traffic management systems in particular require urgent investment and reform. Europe’s fragmented system, for instance, costs airlines billions annually in inefficiencies, delays, and excess fuel burn. Modernising these systems would not only save costs but also significantly reduce emissions, aligning with the industry’s broader sustainability goals. Fuel prices have long been a volatile factor in aviation’s financial calculus. Walsh warns that geopolitical risks, particularly the conflict in Ukraine, could continue to exacerbate price instability. The global reliance on jet fuel means even minor disruptions in supply chains can ripple across the industry. Airlines have increasingly turned to hedging strategies to mitigate these risks, but such measures can only do so much in an environment of prolonged instability. Furthermore, geopolitical shifts extend beyond fuel. IATA’s chief also flagged the incoming Trump administration in the United States as a potential wildcard. A reversal or weakening of climate commitments under a new US administration could have implications for the industry’s decarbonisation agenda. As airlines strive to meet ambitious net-zero targets by 2050, consistent global policies and support are critical. The concern, at least from IATA’s side, is a fragmented approach risks undermining progress and creating an uneven playing field. Meeting net-zero targets is arguably the aviation industry’s most significant challenge. Transitioning to sustainable aviation fuels (SAFs), investing in next-generation aircraft, and exploring emerging technologies like hydrogen propulsion all require substantial capital. For an industry already grappling with tight margins, the financial burden of decarbonisation is daunting. Yet, the stakes are too high to ignore. Public and regulatory pressure is mounting, with consumers increasingly factoring environmental considerations into their travel decisions. Airlines that fail to adapt risk falling behind in a marketplace that increasingly values sustainability. Walsh’s remarks serve as a clarion call for collaboration across governments, manufacturers, and airlines to share the costs and accelerate progress. The global supply chain, still reeling from multiple years’ worth of disruptions of Covid-19, presents another significant challenge. From aircraft production delays to spare parts shortages, these issues ripple across operations, affecting everything from scheduling to fleet expansion plans. Walsh’s comments underscore the need for greater resilience and diversification in supply chains to prevent similar vulnerabilities in the future. The industry has already seen how these disruptions can play out. Boeing and Airbus, the world’s largest aircraft manufacturers, have faced immense delays in delivering new aircraft due to supply chain bottlenecks. These delays hinder airlines’ ability to modernise fleets and capitalize on the latest fuel-efficient technologies, compounding financial and environmental challenges. Despite the challenges, Walsh’s outlook remains cautiously optimistic. The aviation industry has a proven track record of resilience, having weathered global crises from economic recessions to the pandemic. The projected $1tn revenue milestone is a testament to the sector’s enduring relevance and adaptability. However, achieving sustainable growth will require a multi-faceted approach. Stakeholders must prioritize investments in infrastructure and technology while advocating for policy frameworks that support long-term goals. Collaboration—whether in the form of public-private partnerships or alliances across borders—will be key to navigating the complexities of this dynamic industry. Essentially, as airlines prepare to welcome 5bn passengers in 2025, they do so against a backdrop of both opportunity and uncertainty. The path to recovery and growth is laden with challenges, from geopolitical risks and fuel price volatility to the existential imperative of decarbonisation. Yet, as Willie Walsh’s insights suggest, the industry’s resilience and innovations offer hope. The author is an aviation analyst. X handle @AlexInAir.

The fallout from a mix of external shocks and mounting financial troubles are washing over low- and middle-income countries across the world.The world’s developing countries paid a record $1.4tn to service their debts last year, as high lending rates pushed interest costs to a two-decade high, according to the World Bank.The poorest countries paid out more than $96bn to service their debts, the bank announced in its latest report on international debt, noting that interest costs alone amounted to almost $35bn.Before the Covid-19, the world’s poorer countries had a debt problem. The pandemic made it worse.By the end of 2021, more than 70 low-income nations faced a collective debt burden of $326bn. Their debt service burden had more than doubled since 2010 as a percentage of gross national income, according to an earlier World Bank report.In 2022, their annual debt payments totalled about $62bn, about 35% more than the year before. By early 2023, more than half of those were already in or near debt distress.China began large-scale lending to developing and emerging nations after launching its Belt and Road infrastructure construction initiative in 2013. That programme was designed to improve its trading prospects while creating a broad sphere of Chinese influence — as well as contracts for Chinese construction companies.The world’s richer countries, meeting in the Group of 20 forum in 2020, created a coordinated plan for debt relief called the Common Framework.The Common Framework was designed to coordinate debt relief offered by both public and private lenders and to set debt treatment standards across both traditional Western lenders and major new creditors like China.An idea has emerged that the multilaterals need to protect their capital base and credit ratings to fulfil their development roles at the lowest costs. But China initially argued multilateral lenders should share losses like any other creditor.Its position later shifted toward expecting the World Bank to increase lending instead — that is, multilaterals would share the burden by ponying up more money, rather than taking losses.But China still has a limited role in the International Monetary Fund and the World Bank, where Europe and the US have long been dominant.The high cost of servicing foreign debt has pushed many developing countries to borrow more money from multilateral institutions like the World Bank, stretching their finances.“In highly indebted poor countries, multilateral development banks are now acting as a lender of last resort, a role they were not designed to serve,” World Bank chief economist Indermit Gill said in a statement last week.“Except for funds from the World Bank and other multilateral institutions, money is flowing out of poor economies when it should be flowing in,” he added.The latest World Bank report noted that high interest rates have been a key driver of the rising cost of servicing foreign debt, with the rate paid on loans from official creditors doubling to more than 4%.Rates charged by private creditors were even worse, rising to a 15-year high of 6%; an increase of more than one percentage point.Although interest rates have started to come down in many advanced economies, including the United States, overall, “they are expected to remain above the average that prevailed in the decade before Covid-19,” the Bank said.Global public debt reached a record high of $97tn in 2023.Although public debt in developing countries reached less than one third of the total – $29tn – since 2010 it has grown twice as fast as in developed economies, according the United Nations Conference on Trade and Development (UNCTAD).Developing countries are now facing a growing and high cost of external debt, squeezing budgets for necessities including healthcare, education and the environment.

Africa is on the cusp of a profound economic transformation. The population boom in Sub-Saharan countries, which is expected to increase the number of Africans from 1.4bn today to 3.3bn in 2075, holds the potential to trigger rapid GDP growth and raise living standards across the continent.Ghana aims to be at the forefront of these developments. But its ability to capitalise on the demographic dividend hinges on one critical factor: the health of its citizens. For this reason, it is seeking to form strategic international partnerships that help us improve health outcomes, stimulate economic growth, and deliver broadly shared prosperity.This raises a fundamental question: What does an equitable strategic partnership between African countries and the Global North look like? Historically, development aid for vital health projects in the developing world, though well-intentioned, has often been uncoordinated and unsustainable, focusing on short-term crises rather than addressing the systemic problems that cause them.Over the past two decades, African countries have been laying the groundwork to sustain their health systems entirely through domestic resources. Recent trends suggest that partnerships between the public and private sectors are key to expanding access and achieving true health self-sufficiency.Gavi, the Vaccine Alliance is a case in point. Since its founding in 2000, this international partnership has helped African countries immunise nearly a half-billion children, halve mortality rates among children under five, and generate tens of billions of dollars in economic benefits by improving educational outcomes, boosting productivity, and dramatically reducing healthcare costs.These positive effects on African countries’ health and economic performance are just the starting point. Sustainable, inclusive income growth could enable countries like Ghana to diversify their economies and foster more stable societies. It could also help us retain talent, as more people choose to build their futures here instead of searching for economic opportunities abroad. Moreover, a thriving Africa would benefit our trading partners, thereby contributing to a stronger, more resilient global economy.The immediate benefits of strategic health partnerships are obvious. The rapid purchase and deployment of mpox vaccines over the past two months show that key lessons of the Covid-19 pandemic have been learned, as new emergency financing mechanisms – established through continent-wide efforts and supported by international partners – have boosted vaccine equity and bolstered health security.Looking ahead, new initiatives to expand domestic vaccine manufacturing create an invaluable opportunity to meet Africa’s growing demand and achieve vaccine sovereignty. While international partnerships are essential for fostering long-term growth, our ultimate objective remains self-reliance. In 2023, African governments contributed more than $200mn to Gavi’s immunisation programmes – a historic milestone. With the Global South now providing 40% of the funding for Gavi’s routine activities, many countries, including Ghana, are on track to fund their immunisation efforts independently by the end of this decade.But if Africa is to achieve full vaccine sovereignty, Gavi must secure at least $9bn for the next five years. The importance of this support is evident in Ghana, where our partnership with Gavi has reinvigorated the fight against malaria – a longstanding scourge – and will soon help protect young women from cervical cancer for the first time by expanding access to the HPV vaccine.One of the strengths of Gavi’s model is its capacity to harness and scale private-sector innovations, enabling governments in the Global South to vaccinate more children, provide quality health care, and cut costs. In Ghana, Gavi’s financial and logistical support has helped us integrate technological advances such as digital record-keeping, solar power, drone delivery, and infant biometric identification into our health system.The message to Gavi’s donors is simple: as partners, achieved remarkable progress together has. Stepping back now would jeopardise our hard-won gains. A healthier, safer, more prosperous, and more equitable future for all is within reach. By deepening our collaboration, we can achieve it. — Project Syndicate

Gulf Warehousing Company (GWC) has announced its participation as a platinum sponsor at the 3rd Qatar Supply Chain Management Conference (SCMC).Under the patronage of HE the Minister of Transport Sheikh Mohammed bin Abdullah bin Mohammed al-Thani, the event took place on Monday.It highlighted best practices for enhancing supply chain sustainability, the role of digital transformation in facilitating supply chains and ensuring the flow of goods amid global challenges as well as strategies to enhance recovery and sustain supply chains.GWC Group Managing Director Sheikh Abdullah bin Fahad bin Jassim bin Jaber al-Thani said: “Our sponsorship of this conference aligns with the company’s strategic objectives to support initiatives that drive supply chain development, especially amid the challenges facing the logistics sector.“The need to effectively manage and optimise the flow of goods and services from suppliers to consumers has never been more critical.”He noted: "In Qatar, logistics services play a vital role, extending beyond the transportation of goods from one point to another to include bolstering trade flows, supporting sustainable development goals, and driving economic diversification. This highlights the key role our work in the logistics sector plays in building a competitive, resilient, and diversified economy in line with Qatar National Vision 2030.“This vision serves as a guiding compass, steering us toward sustainable development that balances economic growth with environmental and social responsibility. Today, our sector is at a crucial crossroads, amidst rapid transformations driven by digitalisation, the growing demand for sustainability, and the urgent need to minimise environmental impact. These evolving trends present both challenges and opportunities, and how we navigate them will ultimately define the future of logistics in Qatar.”Shaikh Abdullah emphasised the importance of focusing on sustainability and reducing carbon emissions, saying: "In line with our national objectives and the global agenda, we must diligently work towards achieving sustainability across all aspects of operations. As Qatar continues its drive for a sustainable and diversified economy, the logistics and transportation sector must actively contribute to this transformation.“This entails prioritising green technology, renewable energy solutions, and carbon emission reduction strategies. The accelerating pace of digitalisation in this sector has already led to a substantial shift in business practices, enhancing operational efficiency, service quality, and overall performance. By leveraging advanced technologies like artificial intelligence, big data, and IoT solutions, we can achieve greater efficiency and respond to challenges with agility and flexibility."Sheikh Abdullah highlighted: “Collaboration among stakeholders, knowledge sharing, and continuous improvement are pivotal to driving transformative change in Qatar's logistics sector and beyond. Moreover, agility is becoming increasingly critical, with the key lesson from recent years being the importance of resilience in the face of both positive and negative challenges.“For instance, the global Covid-19 pandemic triggered sudden disruptions in supply chains, severely impacting the logistics sector. Conversely, hosting the FIFA World Cup Qatar 2022 catalysed a significant positive transformation in Qatar's logistics landscape through innovative solutions.”He added: "The logistics sector requires strong and agile supply chains capable of withstanding future disruptions. This ability to adapt is particularly vital for Qatar as we expand our partnerships and explore new markets.“GWC's role goes far beyond just transporting goods; we are dedicated to fostering an ecosystem that drives economic growth, pioneering sustainable practices, and making significant contributions to achieving Qatar National Vision 2030. This is not only a great honour but also a profound responsibility. It is up to all of us in this sector to embrace emerging trends, innovate, and act with purpose."

The world is losing a winnable battle. UN Secretary-General António Guterres warns that the 2030 Sustainable Development Goals (SDGs) are on the verge of becoming “the epitaph for a world that might have been.” Can the patient be resuscitated?Decisions made in the coming days will have a significant bearing on the answer. On December 7, governments will announce their funding pledges for the International Development Association, the branch of the World Bank Group that delivers finance to the world’s poorest countries (with annual per capita incomes below $1,315). IDA replenishment happens every three years, which means that commitments made today span the critical investment period for salvaging the SDGs. Unfortunately, it isn’t looking good, with several key donors failing to pull their weight.The 78 countries covered by the IDA are where the battle for the SDGs will be won or lost. Home to 500mn people surviving on less than $2.15 per day, they account around for 70% of extreme poverty and over 90% of world hunger. Worse, it is children who are on the front lines. In a recent ODI report, my co-authors and I estimate that some 257mn children in IDA-eligible countries are growing up hungry, with devastating consequences for their health and educational prospects.Recent setbacks have compounded already severe challenges, triggering major reversals. After being hit hard by the Covid-19 pandemic, IDA countries have been buffeted by post-pandemic economic slowdowns, rising food prices, and surging public debt. Over half are falling further behind rich countries as global inequalities widen. Poverty reduction has slowed from an already inadequate pace, and progress against hunger has stalled. Debt service is crowding out vital investment, with repayments now outweighing spending on health and basic education.Against this bleak backdrop, access to affordable development finance has been shrinking. Real (inflation-adjusted) financial transfers to Africa from donors have fallen, and rising real interest rates have priced most IDA countries out of sovereign bond markets (or otherwise subjected them to punitively high borrowing costs).The IDA is the single most powerful multilateral financial weapon in the anti-poverty arsenal. In the last fiscal year, it provided $31bn in support for member countries and was by far the largest source of development finance for Africa, which benefits from zero-interest grants, concessional loans repayable over 30-40 years, or both.Such finance is an SDG lifeline, because it is overwhelmingly directed to areas with demonstrated benefits for the poor, such as social protection, investments in child and maternal health, and education. With a generous replenishment, the IDA could help lift millions out of extreme poverty, extend opportunities for improved health and learning, and support adaptation to climate change.Moreover, for donors seeking value for money, the IDA has a unique advantage: every $1 received can deliver $3.50. The IDA can leverage the World Bank’s AAA credit rating to secure low-interest financing by issuing bonds and lending the proceeds to developing countries. When donors deliver funds through bilateral aid programmes or global health funds, the money that comes out mirrors the money that goes in. But the IDA offers a much bigger bang for the buck.The IDA also mitigates damaging international-aid practices. Currently, only around 8% of poverty-related development assistance is delivered through government budgets. The rest arrives through project funds controlled by donors, leading to fragmentation, weak co-ordination, and high transaction costs for governments. Hence, Ethiopia had to manage 454 aid transactions for agriculture alone in 2021. By contrast, the IDA delivers support through national budgets for nationally owned programmes, which is why governments across Africa strongly support it.The World Bank has rightly made the case for a major IDA increase. Last year, the bank’s president, Ajay Banga, called on donors to provide more than $120 billion, which would make this replenishment “the biggest of all time.” Sadly, that ambition has faded, with current pledges implying a replenishment of less than $105bn – smaller than the previous one, in real terms.While US President Joe Biden’s administration has announced an increased IDA commitment, and several smaller countries and new donors have also stepped up, some major G7 economies have stepped back. Last year, French President Emmanuel Macron hosted a summit aimed at creating a new global financial pact to tackle poverty and the climate crisis; but this year, he is set to cut France’s contribution to the IDA.Equally disappointing is the United Kingdom, which was among the largest contributors to the IDA in the decade ending in 2022 – a legacy of former prime minister Gordon Brown’s leadership. The picture changed dramatically in the last IDA replenishment, when the UK contribution was halved as Conservative governments took a wrecking ball to the aid budget.This year’s replenishment gives the new Labour government an opportunity to start rebuilding Britain’s reputation as a “development superpower.” Foreign Secretary David Lammy has promised a new era in which the UK will “use realist means to pursue progressive ends.” Reversing the Conservatives’ cuts with a 54% increase to the UK contribution (representing a commitment of $2.2bn) would certainly meet those criteria. And yet, the Treasury wants to cap any additional contribution at 20-40%.That would be a travesty. While the Treasury is correct to note that it inherited a poisoned chalice of unsustainable public finance from its Conservative predecessors, it is wrong to suggest that the UK cannot afford to send a positive signal in the interest of international co-operation and its own soft power.Making matters worse, the government has effectively shelved long-standing aid commitments by maintaining previous governments’ policy of subjecting them to impractical and implausible fiscal tests, one of which is to achieve a budget surplus (something that has happened only four times since 1971). There is nothing realist or progressive about using implausible goals as a pretext to turn one’s back on the world’s poor. The UK should fully restore the IDA cuts made by the Conservative government.The IDA may not be perfect, but it’s the best tool that we have for restoring the hope that the SDGs once instilled. Governments should use it. — Project Syndicate• Kevin Watkins, a former CEO of Save the Children UK, is a visiting professor at the Firoz Lalji Institute for Africa at the London School of Economics.

The archbishop of Paris reopened Notre-Dame cathedral yesterday by symbolically knocking on the doors and entering the 12th-century landmark which has been restored after a devastating fire in 2019.Wearing new designer vestments and carrying a staff cut from one of the roof beams that survived the inferno, Laurent Ulrich joined hundreds of VIPs inside the Gothic masterpiece for a two-hour ceremony.Ulrich commanded the cathedral to “open your doors” and he entered the magnificently-restored edifice.US President-elect Donald Trump sat on the front row as guest of honour next to French President Emmanuel Macron, with invitees marvelling at the freshly cleaned walls, new furniture and state-of-the-art lightening installed as part of the cathedral’s overhaul. Outside, small crowds of Parisians and tourists braved wet weather and high winds to witness the renaissance of a beloved monument which came close to being totally destroyed by the inferno that toppled its roof and spire.“I find it really beautiful, even more so now that the spire has been restored,” Marie Jean, a 27-year-old dentist from southwest France, told AFP outside.The reconstruction effort has cost around €700mn ($750mn), financed from donations, with the reopening achieved within a five-year deadline set by Macron despite predictions it could take decades.Workers had to overcome problems with lead pollution, the Covid-19 epidemic, and the army general overseeing the project falling to his death while hiking in the Pyrenees last year.It is “a cathedral like we have never seen before,” Philippe Jost, who took over as project manager last year, told Franceinfo radio, adding that he was proud to “show the whole world” a “great collective success and a source of pride for all of France”.Yesterday’s service was to feature prayer, organ music and hymns from the cathedral’s choir.A public concert planned in front of the cathedral featuring Chinese piano virtuoso Lang Lang and possibly US singer and fashion designer Pharrell Williams had to be pre-recorded on Friday night because of the stormy weather.Held up as an example of French creativity and resilience by Macron, Notre-Dame’s renaissance so soon after the fire comes at a difficult time for the country.The sense of national accomplishment in restoring a symbol of Paris has been undercut by political turmoil that has left France without a proper government since last week when prime minister Michel Barnier lost a confidence vote.Macron is hoping the reopening might provide a fleeting sense of national pride and unity — as the Paris Olympics did in July and August.The scale of the immense security operation also recalls the Olympics — with some 6,000 police officers and gendarmes mobilised.The reopening “is the proof that we know how to do grand things, we know how to do the impossible” Macron said Thursday in a televised address to the country.He addressed the congregation during yesterday’s ceremony.Macron has scored a major coup by attracting incoming US president Donald Trump for his first foreign trip since his re-election.Another 40 heads of state and government were also present, including Ukrainian leader Volodymyr Zelensky, who was given a round of applause as he entered Notre-Dame, as well as British heir to the throne, Prince William.Macron hosted three-way talks with Zelensky and Trump at the presidential palace shortly before the ceremony, with future US military support for Ukraine’s war effort against Russia’s invasion expected to have been discussed.Trump has vowed to force an end to the nearly three-year Ukraine war when he takes office, sparking fears in Kyiv that he will force Ukraine to make territorial concessions to Russia which Zelensky is resisting.“It seems like the world is going a little crazy right now and we will be talking about that,” Trump told reporters as he prepared to sit down for talks with Macron.One surprising absentee yesterday was Pope Francis, the head of the Catholic Church.He sent a message addressed to the French people which was read out.The exact cause of the 2019 blaze has never been identified despite a forensic investigation by prosecutors, who believe an accident such as an electrical fault was the most likely reason.Today, the first mass with 170 bishops and more than 100 Paris priests will take place at 10:30am (0930 GMT), followed by a second service in the evening at 6:30pm which will be open to the public.

Minutes after South Korean President Yoon Suk-yeol declared martial law on Tuesday night, plunging the country into its worst crisis in decades, his stunned finance minister knew his priorities: throw everything at defending the currency. By around 11pm, Choi Sang-mok, who was among the majority of cabinet members who opposed martial law, had set up an emergency meeting at the Seoul Bankers Club, an unofficial meeting place for top policymakers from the central bank, finance ministry and banking and markets regulators.As soldiers stormed the nation’s parliament, Korea’s top four financial authorities, known as F4, activated an emergency playbook that had been used during past crises, scrambling to head off a crippling selloff in the won before Asian markets awoke.Choi led discussions between the authorities, three people familiar with the meeting told Reuters, with the Bank of Korea (BoK) responsible for efforts to stabilise the currency.The first announcement came swiftly. South Korea would inject unlimited cash into markets as needed, the finance ministry said, which pulled the won back from lows last seen in 2009 during the global financial crisis.“It was BoK Governor Rhee Chang-yong’s idea to put this message out quickly,” one government official said. “Rhee said it was really important to pre-emptively act, as the news should be a bigger shock to foreign investors than for local people.” In the four decades since South Korea was last under martial law, the nation has weathered several crises and significantly evolved its systems to eschew the strongman politics of the past and focus instead on ensuring economic stability.Lessons from the 1998 Asian financial crisis formed the basis for the playbook. That episode ran deepest for South Korea, a country hugely exposed then to short-term debt and a playground for foreign speculators, forcing it into what many Koreans saw as a humiliating rescue package from the International Monetary Fund. Citizens donated their gold to a depleted national coffer.“We have had many crises. We experienced ups and downs through those crises, including the pandemic, and have a set of tools ready,” said one Bank of Korea official, speaking on condition of anonymity.The last time Korea’s four big agencies intervened this heavily in markets was in 2020 as the Covid-19 pandemic toppled its export-driven markets.Korea’s current struggles with anaemic growth, labour strikes, a budget impasse and the troubles of trade partner China meant authorities were already on heightened alert for sharp currency swings.The won is down 9% this year against the dollar, while the KOSPI index has shed 8%, both lagging their emerging market peers. Foreign money has been leaving Korea’s stock market since August, with outflows in four months topping $14bn.“They were obviously aware of the fact that there would be a little bit of panic, particularly from foreigners, and so they did the right thing,” said Jon Withaar, who manages an Asia special situations hedge fund at Pictet Asset Management.“This is now really what governments and central banks do now, when they see these types of events, they just offer unlimited liquidity. That was the playbook in Covid.”Until this week, Choi was one of Yoon’s conservative loyalists in the cabinet who served multiple government positions since the president was elected in March 2022, starting as a secretary of the economy division.He advanced to chief economic secretary, a position that allowed him to travel with Yoon around the world, before taking his current job in December 2023.During this week’s chaos, Choi was the “control tower”, sources said, directing the messaging and responses through the next day and even as subsequent developments led to the entire cabinet offering to resign.

The eighth edition of Katara European Jazz Festival kicked off today, organized by Katara Cultural Village Foundation in partnership with the embassies of 11 European countries: Armenia, Austria, Belgium, the United Kingdom, France, Germany, Italy, Malta, the Netherlands, Spain, and Switzerland.On the festivals opening day, the audience enjoyed performances from jazz bands representing Spain, Germany, and Austria, offering a mix of traditional melodies and a blend of classical and contemporary jazz.HE Ambassador of Spain to Qatar Javier Carbajosa Sanchez expressed his delight at the festival's return after a hiatus due to COVID-19 and the 2022 World Cup, praising Katara for its role in offering events that foster cultural and artistic exchanges.The festival runs through to Sunday. Tomorrow, Friday, there will be performances from Swiss bands, British Council, and Italy. On Saturday, Qatar Music Academy will present a concert alongside bands from the Netherlands and France. The festival will close on Sunday with performances from bands from Malta, Belgium, and Armenia.The concerts are being held at Katara Corniche, Gates 20 and 21, from 6:30 PM to 10:00 PM.