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The Doha Forum is a leading global platform for addressing contemporary international issues, and one of the largest international platforms for diplomacy, dialogue and diversity. The Doha Forum was established in 2000, when it was launched by His Highness the Father Amir Sheikh Hamad bin Khalifa al-Thani. It is held annually in Doha with significant local and international participation.The Forum's organizing committee determines an annual slogan for each of its sessions, under which fall many dialogue and discussion tables and sessions that serve its objectives, which focus on launching a dialogue on the critical challenges facing the world, enhancing the exchange of ideas and policy-making, and presenting applicable recommendations.Over the years, the Forum held 21 editions, the first of which occurred in 2001. It was organized by the Gulf Studies Center at Qatar University in co-operation with the Qatar Chamber of Commerce and Industry under the name of the 'Democracy and Free Trade'. It was attended by 500 participants representing many official, academic, research, media and cultural circles from 30 countries, in addition to international and regional bodies and organizations.The previous editions of the Forum discussed many issues and topics such as geopolitical alliances, international relations, the financial system and economic development, defence, cybersecurity, food security, sustainability and climate change, global transformations, technology, trade and investment, human capital, inequality, security, cyberspace governance, defense issues, international organizations, civil society and NGOs, and issues of culture and identity.Given the great success achieved by the Doha Forum during its rich history, including the Enriching the Economic Future of the Middle East Conference, and continued in this manner for several sessions, becoming once again an independent event in itself, discussing urgent economic issues, and exchanging ideas and visions regarding the future prospects of the Middle East and Mediterranean region in the economic field.In the seventh edition of the Doha Forum, its name was changed to the Doha Forum on Democracy, Development and Free Trade, and a large group of issues related to the Arab world took centre stage in the seventh and eighth editions, including politics, development, security, free trade, information, culture, education, modern technology and globalization. Issues on the roles in economic growth and democratic change in the region were also discussed, in addition to visions about the present and future, global stability and security, development projects, modern trends and future transformations, common markets and others.During the ninth edition, the features of the separation of economic and political issues began to appear clearly in the discussions and sessions of the Forum, as the Doha Forum on Democracy, Development and Free Trade and the Enriching the Economic Future of the Middle East Conference were held in parallel to one another.The Arab Spring revolutions topped the discussions of the 11th and 12th editions of the Forum and conference. The 16th edition saw the Doha Forum separate from the Enriching the Economic Future of the Middle East Conference once again, and discussed ways to achieve regional and global stability and prosperity in light of the major challenges facing the world in the fields of defense, security, economy, energy, and civil society issues.The 17th edition was held in May 2017 under the theme 'Development, Stability and Refugee Crisis', and the 18th edition was held in December 2018 under the theme 'Shaping Policy in an Interconnected World'. During the event, the Doha Forum launched a new visual identity under the slogan 'Diplomacy, Dialogue, Diversity'. The slogan was designed to enhance and unify the Forum's identity and strengthen its global presence and reputation in policy formulation. The Forum's organizers said the new slogan reflected Doha Forum's efforts to establish itself at the forefront of global policy making, foster vital dialogue, and benefit from the diverse backgrounds and expertise of its participants and speakers.In December 2019, the Doha Forum held its 19th edition under the slogan 'Reimagining. Governance in a Multipolar World'. During the event, the Doha Forum launched the youth edition, established in co-operation with the QatarDebate Center, to involve young age groups in decision-making, discuss the Forum's themes, and submit their recommendations to it. The number of participants in its activities at that time exceeded 3,000 people from various countries around the world.The "Doha Forum: Youth Edition" held its third edition in November 2023 and launched its fourth edition on December 5 in co-operation with the QatarDebate Center. This edition is in line with the main theme of the Doha Forum by focusing on five key areas, including geopolitics, emerging technologies, security, and cultural diplomacy. The new edition seeks to provide a space for young people to present new visions and drive positive change.Due to the restrictions imposed by the Covid-19 pandemic in 2020 and 2021, the Doha Forum held its two editions for these years in virtual sessions that included a group of senior policymakers, experts, and researchers to discuss a number of pressing global issues.Following the pandemic that struck the world, the Doha Forum held its 20th edition in March 2022 under the title 'Transforming for a New Era' and discussed the various geopolitical changes that occurred in the world that year.In December 2023, His Highness the Amir Sheikh Tamim bin Hamad al-Thani inaugurated the 21st Doha Forum under the theme 'Building Shared Futures', with the attendance of more than 4,000 participants, including more than 270 speakers from 120 countries, who contributed to more than 80 sessions over the course of the two-day event.His Highness the Amir also presented the Doha Forum Award to Under-Secretary-General of the United Nations and Commissioner-General of the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) Philippe Lazzarini. The 21st Doha Forum highlighted four main themes: international relations and security, cybersecurity and artificial intelligence, economic development, and sustainability, through 18 main sessions and 35 side sessions.The Doha Forum is considered one of the most prominent major events in the field of contemporary international affairs, and since its launch about a quarter of a century ago, it has cooperated with many local, regional, and international bodies in organizing discussion sessions, workshops, meetings, round tables and lectures throughout the year to discuss pressing issues and urgent challenges in the region and the world, as it hosts officials and experts in various fields from all over the world, and the forums organizers are keen to discuss pressing issues in the world and enhance dialogue by selecting figures who express all the ideas presented, which facilitates reaching results that help decision-makers deal with solutions to these problems.Over the past two decades, the Doha Forum has established its position as an interactive global dialogue platform for the localization of development, security and stability in the world, as Qatar has gathered through previous editions the experiences of many opinion and policy leaders, global experts and activists, and came up with perceptions and visions that draw a road map to solve global crises and challenges.Qatar's hosting and sponsorship of the forum's activities and editions also affirms the wise leadership's keenness to engage the world in raising its crucial issues, strengthening regional and international co-operation, diagnosing the current situation, and proposing solutions to address them, especially with regard to issues related to combating extremism, role of women, fair distribution of wealth, protection of human rights, elimination of violence, containment of terrorism, and examining the best means to confront the growing threats and challenges facing human societies, which cannot be confronted by individual methods or policies.The Doha Forum is in harmony with the foreign policy of the State of Qatar, which adopts the principle of dialogue in resolving issues, conflicts and crises, and embodies the distinguished international position occupied by Qatar in the network of international relations, and its superior ability to provide open and appropriate arenas for dialogue and exchange of ideas in search of solutions to various global challenges.The outcomes of the Doha Forum have contributed to drawing lines and indicators and preparing work programs for diplomatic moves capable of addressing contemporary problems and challenges, and paving the way and the ground for finding the best solutions to the issues and crises that trouble the world and threaten the lives of millions to cross humanity to safety based on the belief that the common future of humanity depends on stability, security, and the right of all to exist.

The OECD warned yesterday that protectionist trade measures pose a major risk to disrupting the world economy, just weeks before Donald Trump is set to return to the White House.The Organisation for Economic Co-operation and Development(OECD), a Paris-based body that advises industrialised nations on policy matters, never named Trump in its updated analysis of the world economy.But with the president-elect vowing to slap tariffs on US trading partners after his return to power next month, it was abundantly clear that the OECD was warning about Trump’s possible measures.While the organisation raised its 2025 global growth forecast to 3.3%, it cautioned that “greater trade protectionism, particularly from the largest economies” poses a “downside risk” along with geopolitical tensions and high public debts.On the campaign trail, Trump threatened blanket tariffs of at least 10% on all imports and since his election has vowed to slap 25% import tariffs against Canada and Mexico, top US trade partners.“Increases in trade-restrictive measures could raise costs and prices, deter investment, weaken innovation and ultimately lower growth,” the OECD warned in its economic outlook.“Further increases in global trade restrictions would add to import prices, raise production costs for businesses and reduce living standards for consumers,” it added.During his first term in office from 2017-2021, Trump slapped tariffs on certain products from China and other trading partners, including the European Union, but on a smaller scale than the measures he has pledged to take upon his return to the White House.A recent study by the Roland Berger consultancy calculated the cost of the US measures and likely countermeasures by China and the EU at more than $2.1tn through 2029.Trump is far from the only risk in terms of protectionist measures. The Covid-19 pandemic and the war in Ukraine showed the dependency of many countries upon global trade, but instead of facilitating the exchange of goods and service many countries have sought to shorten certain supply chains and protect markets.A spat has also broken out between Brussels and Beijing after the EU imposed import tariffs on Chinese electric vehicles. China has retaliated with tariffs on EU brandy, including cognac.

The OECD warned Wednesday that protectionist trade measures pose a major risk to disrupting the world economy, just weeks before Donald Trump is set to return to the White House.The Organisation for Economic Co-operation and Development(OECD), a Paris-based body that advises industrialised nations on policy matters, never named Trump in its updated analysis of the world economy.But with the president-elect vowing to slap tariffs on US trading partners after his return to power next month, it was abundantly clear that the OECD was warning about Trump's possible measures.While the organisation raised its 2025 global growth forecast to 3.3%, it cautioned that "greater trade protectionism, particularly from the largest economies" poses a "downside risk" along with geopolitical tensions and high public debts.On the campaign trail, Trump threatened blanket tariffs of at least 10% on all imports and since his election has vowed to slap 25% import tariffs against Canada and Mexico, top US trade partners."Increases in trade-restrictive measures could raise costs and prices, deter investment, weaken innovation and ultimately lower growth," the OECD warned in its economic outlook."Further increases in global trade restrictions would add to import prices, raise production costs for businesses and reduce living standards for consumers," it added.During his first term in office from 2017-2021, Trump slapped tariffs on certain products from China and other trading partners, including the European Union, but on a smaller scale than the measures he has pledged to take upon his return to the White House.A recent study by the Roland Berger consultancy calculated the cost of the US measures and likely countermeasures by China and the EU at more than $2.1tn through 2029.Trump is far from the only risk in terms of protectionist measures.The Covid-19 pandemic and the war in Ukraine showed the dependency of many countries upon global trade, but instead of facilitating the exchange of goods and service many countries have sought to shorten certain supply chains and protect markets.A spat has also broken out between Brussels and Beijing after the EU imposed import tariffs on Chinese electric vehicles. China has retaliated with tariffs on EU brandy, including cognac.The OECD noted "the global economy has demonstrated remarkable resilience despite being subject to major shocks such as the pandemic and an energy crisis." It even raised its global growth forecast for next year to 3.3%, an increase of 0.1 percentage points from its previous outlook in September, due in large part to the strong performance of the US economy.The OECD now sees the US economy expanding by 2.4% next year, up from its September forecast of 1.6% growth.It also raised its forecast of British growth next year by 0.5 percentage points, to 1.7%, due to higher public spending planned by the new Labour government.China's economy is now expected to expand by 4.7% next year, an increase of 0.2 percentage points, while India's growth forecast was raised 0.1 percentage points to 6.9%.But both France and Germany saw to 0.3 percentage point cuts to their 2025 growth forecasts, to 0.9% and 0.7%, as both countries face political crises amid mounting fiscal pressure.The downgraded forecast comes as France's new minority government faces being brought down Wednesday by lawmakers after it forced through the adoption of the social welfare budget.

Horrible endings are better than never-ending horrors, or so the German saying goes. Many in Germany probably felt that way earlier this month, as they watched the collapse of the most unpopular government in recent German history, led by the most unpopular chancellor. The fierce political bickering that ensued was not particularly desirable, but it was better than more of the same.Though the collapse of Chancellor Olaf Scholz’s “traffic-light” coalition – Scholz’s Social Democratic Party (SPD), the Greens, and the Free Democratic Party (FDP) – was widely anticipated, it took many by surprise. Just hours after Donald Trump won the US presidential election, Scholz sacked his finance minister, the FDP’s Christian Lindner, and set the stage for a snap election, plunging Germany into political chaos.Scholz and Lindner’s disagreement was straightforward. Scholz insisted that a larger budget deficit was essential to enable Germany to deliver aid to Ukraine (especially given Trump’s victory), increase investment in the country’s crumbling infrastructure, and finance more subsidies for industries reeling from high energy costs. But Lindner refused to take on more debt, as the German constitution limits the structural deficit to 0.35% of GDP per year – the equivalent, today, of some €9bn ($9.5bn). While the debt brake is not absolute – larger deficits might be permitted during emergencies like the Covid-19 pandemic – Lindner did not see sufficient justification for overriding it today.It is perhaps fitting that a budget spat brought down Scholz’s coalition, which was united in 2021 precisely by a plan to reallocate unspent funds that had been earmarked for the pandemic response. This would have enabled the three parties to advance their social and climate priorities without increasing the deficit. But last year, the Constitutional Court struck down the plan, effectively blowing a €60bn hole in a budget that was already under strain from declining tax revenues.The government’s reform plans – embodied by a coalition deal entitled “Daring more Progress” – did reflect an understanding of what Germany needed after 16 years of relative stagnation under Angela Merkel’s leadership. But some initiatives were introduced too hastily, and others are still awaiting implementation.Still others were derailed by Russia’s full-scale invasion of Ukraine in 2022, after which Scholz proclaimed that Germany had reached a turning point (Zeitenwende) that demanded an epochal change in its politics and priorities. The competing pressures to make progress on pre-agreed reforms and achieve a fundamental policy reset – combined with budget constraints and ideological differences – ultimately tore the coalition apart.The election, set to take place in February, offers a critical opportunity for Germany to do better. Current polls suggest that Friedrich Merz, the leader of Merkel’s centre-right Christian Democratic Union (CDU), will become chancellor, leading either to a grand coalition with the SPD or some more complicated three-party coalition. In any case, it would be a centrist government, with the extreme parties of the right and left in opposition.Merz appears likely to show leadership where Scholz did not, and to appoint more experienced and pragmatic cabinet ministers, thereby avoiding the kinds of legislative mishaps that eroded support for the last coalition. But if he is to lead Germany out of the deep structural crisis that it faces – especially in today’s tumultuous geopolitical environment – he will have to focus on four key areas.The first is the debt brake. Though this rule – introduced by the CDU in 2009 under Merkel – helps to keep German public finances stable, it also limits the government’s ability to invest in the future and to respond to emerging crises early and effectively. While Merz has made clear that he does not support abolishing the provision, he might be open to a compromise that balances these competing considerations. Since such a reform would probably involve constitutional changes, which require a two-thirds majority, a broad-based, cross-party consensus would have to be forged.The second priority for Germany’s next government must be structural reform. Action is needed in many areas, including education, infrastructure, public administration, immigration, and the digital and energy transitions – all of which have long suffered from policy neglect or excessive regulation. Not all of the necessary reforms can be pursued simultaneously, even with a more flexible debt brake, so difficult choices – and compromises – will have to be made.Then there is the European Union – the third priority area. Both Germany and the broader EU are stuck in a kind of stasis, and they need each other to escape. The problem is that, although the single market has been in place for decades, leaders across Europe continue to allow national interests to define their economic, financial, and regulatory policies.The results are predictable: European financial markets and corporations lack the scale needed to compete with their American and Chinese counterparts. The next German government must face this weakness head on – guided by recent recommendations from two former Italian prime ministers, Mario Draghi and Enrico Letta – before growing populism in EU member states renders progress impossible.Finally, Germany’s next government must move forcefully to strengthen national security. To this end, it must establish a national security council – something the last government failed to do, owing to political infighting. Moreover, Germany must increase defence spending significantly – well beyond the 2%-of-GDP threshold required by Nato – and make public procurement more efficient and effective. And it must improve co-ordination among European forces. Rather than wait to be called out by Trump, Germany, together with France, must take the lead in making European strategic sovereignty a reality.If Germany remains on its current path – squabbling internally and muddling through – its gradual decline will continue. But with effective political leadership offering both bold action and a steady hand, it can chart a new course toward greater security and prosperity. — Project SyndicatelHelmut K Anheier is Professor of Sociology at the Hertie School in Berlin and Adjunct Professor of Public Policy and Social Welfare at UCLA’s Luskin School of Public Affairs.

Doha seeks to continue its success stories in the world of motorsports with the hosting of the Qatar Airways Formula 1 Grand Prix, the 23rd and penultimate round of the Formula 1 World Championship for the 2024 season.The Qatar Grand Prix begins today, and will continue for three days under the floodlights of the Lusail International Circuit. Twenty of the world's best racing drivers will participate in 10 Formula 1 teams competing to win the title at the main race on Sunday evening.For the second year in a row and third time in history, Doha will host the Formula 1 World Championship. Qatar hosted it for the first time in 2021 and assumed responsibility over a vacancy left by Australia due to Covid-19 restrictions.The Qatar Grand Prix will be in the Formula 1 calendar for ten consecutive years, starting from 2023, as part of the partnership between Doha and Formula 1, which made Qatar an important annual destination for the world's largest motor racing event.The first edition of the Qatar Grand Prix in 2021 witnessed the victory of seven-time world champion Lewis Hamilton, outperforming his rival Max Verstappen, who went on to win the title that year for the first time in his career. He also won the subsequent titles in the following years since, making him a four-time world champion since 2021.The second edition of the Qatar Grand Prix in 2023 saw Verstappen secure a first place podium and his third world title after winning in Doha, finishing ahead of McLaren drivers Oscar Piastri and Lando Norris, who finished second and third respectively.This year's edition marks a race for the Constructor's Championship between the 10 Formula 1 teams, specifically McLaren and its drivers Lando Norris and Oscar Piastri currently first with 608 points, Ferrari with Charles Leclerc and Carlos Sainz in second place with 584 points, and Red Bull with Max Verstappen and Sergio Perez in third with 555 points.Verstappen clinched his fourth world title last weekend in Las Vegas, finishing fifth in the Grand Prix after securing his position at the top of the standings with 403 points, 63 points ahead of his closest competitor, second placed Lando Norris, who had 340 points.The battle for the constructors' title will be open between the top three, with McLaren holding on to the lead by just 24 points over Ferrari, which in turn is 29 points ahead of Red Bull.McLaren did not deliver a strong race during the Las Vegas Grand Prix, while Ferrari succeeded in limiting losses by securing third and fourth places behind the 1-2 podium for the Mercedes duo of Lewis Hamilton and George Russell.Russell dominated the race from the start, while his teammate, seven-time world champion Lewis Hamilton, moved from 10th to 2nd. In contrast, Red Bull second driver Sergio Perez is still underperforming in a disastrous season for him.The Lusail International Circuit, which has maintained its famous 5.380 km track after its redevelopment, is one of the most prominent circuits in the world, especially as it is one of the few circuits in the world that hosts a round of the Formula 1 World Championship and a round of the MotoGP World Championship.By hosting the most prominent global events in motorsports, the Lusail Circuit contributed to introducing technology to the sport and changing the history of motorsports culture. It also changed the rules of the International Motorcycling Federation (FIM) from holding the championship with daytime rules to nighttime rules, after Qatar was the first country to hold a night race for the MotoGP.The distinguished role played by the Lusail International Circuit since its establishment in 2004 has made it a pioneer in circuit sports over the years by providing a significant addition to motorsports, thanks to the support of officials and their keenness to provide all means to achieve success, which ultimately falls within Qatar National Vision 2030.The Qatar Airways Formula 1 Grand Prix will kick off today, and the race program will be no different from other races, with official activity extending over three days from Friday to Sunday, with the final day hosting the main race at 7 pm Doha time.On Friday morning, the drivers will participate in free practices, during which they will get to know the uniqueness of the circuit, and the second free practice will be held in the afternoon, separated by press conferences.On Saturday, the drivers will compete to qualify for the sprint race, followed by the sprint race itself, the final one of its kind for this season.On Sunday, the drivers will take part in a third practice, followed by the final qualifiers to determine the starting positions in the main race, then finally the main event itself, held at 7 pm Doha time.Last year, the Lusail Circuit underwent a comprehensive development process to increase the capacity of the stands to 40,000 spectators, with the provision of advanced building facilities and amenities with international specifications. However, no modifications were made to the track itself, which maintained its famous design, as it was only re-asphalted and provided with security and safety measures.

Doha seeks to continue its success stories in the world of motorsports with the hosting of the Qatar Airways Formula 1 Grand Prix, the 23rd and penultimate round of the Formula 1 World Championship for the 2024 season.The Qatar Grand Prix begins tomorrow, Friday, and will continue for three days under the floodlights of the Lusail International Circuit. Twenty of the world's best racing drivers will participate in 10 Formula 1 teams competing to win the title at the main race on Sunday evening.For the second year in a row and third time in history, Doha will host the Formula 1 World Championship. Qatar hosted it for the first time in 2021 and assumed responsibility over a vacancy left by Australia due to COVID-19 restrictions.The Qatar Grand Prix will be in the Formula 1 calendar for ten consecutive years, starting from 2023, as part of the partnership between Doha and Formula 1, which made Qatar an important annual destination for the worlds largest motor racing event.The first edition of the Qatar Grand Prix in 2021 witnessed the victory of seven-time world champion Lewis Hamilton, outperforming his rival Max Verstappen, who went on to win the title that year for the first time in his career. He also won the subsequent titles in the following years since, making him a four-time world champion since 2021.The second edition of the Qatar Grand Prix in 2023 saw Verstappen secure a first place podium and his third world title after winning in Doha, finishing ahead of McLaren drivers Oscar Piastri and Lando Norris, who finished second and third respectively.This year's edition marks a race for the Constructor's Championship between the 10 Formula 1 teams, specifically McLaren and its drivers Lando Norris and Oscar Piastri currently first with 608 points, Ferrari with Charles Leclerc and Carlos Sainz in second place with 584 points, and Red Bull with Max Verstappen and Sergio Perez in third with 555 points.Verstappen clinched his fourth world title last weekend in Las Vegas, finishing fifth in the Grand Prix after securing his position at the top of the standings with 403 points, 63 points ahead of his closest competitor, second placed Lando Norris, who had 340 points.The battle for the constructors' title will be open between the top three, with McLaren holding on to the lead by just 24 points over Ferrari, which in turn is 29 points ahead of Red Bull.McLaren did not deliver a strong race during the Las Vegas Grand Prix, while Ferrari succeeded in limiting losses by securing third and fourth places behind the 1-2 podium for the Mercedes duo of Lewis Hamilton and George Russell.Russell dominated the race from the start, while his teammate, seven-time world champion Lewis Hamilton, moved from 10th to 2nd. In contrast, Red Bull second driver Sergio Perez is still underperforming in a disastrous season for him.The Lusail International Circuit, which has maintained its famous 5.380 km track after its redevelopment, is one of the most prominent circuits in the world, especially as it is one of the few circuits in the world that hosts a round of the Formula 1 World Championship and a round of the MotoGP World Championship.By hosting the most prominent global events in motorsports, the Lusail Circuit contributed to introducing technology to the sport and changing the history of motorsports culture. It also changed the rules of the International Motorcycling Federation (FIM) from holding the championship with daytime rules to nighttime rules, after Qatar was the first country to hold a night race for the MotoGP.The distinguished role played by the Lusail International Circuit since its establishment in 2004 has made it a pioneer in circuit sports over the years by providing a significant addition to motorsports, thanks to the support of officials and their keenness to provide all means to achieve success, which ultimately falls within Qatar National Vision 2030.The Qatar Airways Formula 1 Grand Prix will kick off tomorrow, and the race program will be no different from other races, with official activity extending over three days from Friday to Sunday, with the final day hosting the main race at 7 p.m. Doha time.On Friday morning, the drivers will participate in free practices, during which they will get to know the uniqueness of the circuit, and the second free practice will be held in the afternoon, separated by press conferences.On Saturday, the drivers will compete to qualify for the sprint race, followed by the sprint race itself, the final one of its kind for this season.On Sunday, the drivers will take part in a third practice, followed by the final qualifiers to determine the starting positions in the main race, then finally the main event itself, held at 7 p.m. Doha time.Last year, the Lusail Circuit underwent a comprehensive development process to increase the capacity of the stands to 40,000 spectators, with the provision of advanced building facilities and amenities with international specifications. However, no modifications were made to the track itself, which maintained its famous design, as it was only re-asphalted and provided with security and safety measures

A Bank of Canada official said policymakers aim to keep inflation near their 2% target, and pushed back on the idea that officials should slow price gains further or cause deflation.Deputy Governor Rhys Mendes said it was reasonable to expect further cuts to interest rates if inflation and the economy continue to evolve as forecast but said that the timing and pace of further cuts would be guided by incoming data.He offered little new guidance on the near-term path for borrowing costs, reiterating that policymakers “no longer need interest rates to be as restrictive as they were.”Mendes said policymakers would be “looking closely” at third-quarter gross domestic product data released later this week, as well as November employment data. Traders in overnight swaps put the odds of another 50 basis point cut at about one third.In his first speech as deputy governor, Mendes also justified the bank’s aggressive interest rate-hiking cycle, saying the increase in borrowing costs was necessary to cool excess demand during a supply shock.The central bank’s campaign was successful in part due to the primacy of the 2% inflation target, Mendes said, and longer term inflation expectations didn’t drift too much higher during the pandemic and subsequent run up in prices.“The presence of excess demand in the economy amplified the inflationary effects of supply shocks. By eliminating excess demand, we were able to stop that.”“We believe inflation will once again fade into the background as it settles back at 2%,” he said. In prepared remarks, Mendes also explained that costs of deflation or a sustained period of below-target inflation would be harmful. The central bank isn’t aiming to bring yearly price pressures significantly below the 2% target, he said.“It would take a pretty big hit to the economy to get a meaningfully lower level of prices,” and the trade-off would “like leave most people feeling worse off,” Mendes said. The central bank cut borrowing costs by half a percentage point in October, bringing the benchmark overnight rate to 3.75% after starting to lower interest rates from 5% in June.“We’ve restored low inflation. We now need to ensure it stabilizes near the 2% target. We need to stick the landing,” Mendes said.Mendes pointed out that while inflation is back to normal, “it may not feel that way for many people.” His comments echoed remarks on Monday by Finance Minister Chrystia Freeland, who said Canada may be in a “vibecession” as positive macroeconomic data isn’t changing Canadians’ gloomy mindsets.Freeland’s government has tried to counter this national mood, and turn around its sinking poll numbers, by announcing a temporary halt to the federal sales tax on some items starting Dec. 14 and promising to send C$250 checks to nearly 19mn Canadians in the spring. The Bank of Canada, meantime, has sought to defend its actions during the pandemic and the ensuing period of high prices to Canadians who had previously paid little attention to inflation or monetary policy.The central bank plans to release a review of its response to Covid-19 in the new year.Mendes’s speech appears aimed at those Canadians, particularly those questioning whether the central bank’s rate hikes were really necessary given the supply shocks that helped drive up inflation, and those now wondering if a period of deflation might give them some desperately needed affordability relief.

A Bank of Canada official said policymakers aim to keep inflation near their 2% target, and pushed back on the idea that officials should slow price gains further or cause deflation.Deputy Governor Rhys Mendes said it was reasonable to expect further cuts to interest rates if inflation and the economy continue to evolve as forecast but said that the timing and pace of further cuts would be guided by incoming data.He offered little new guidance on the near-term path for borrowing costs, reiterating that policymakers “no longer need interest rates to be as restrictive as they were.”Mendes said policymakers would be “looking closely” at third-quarter gross domestic product data released later this week, as well as November employment data. Traders in overnight swaps put the odds of another 50 basis point cut at about one third.In his first speech as deputy governor, Mendes also justified the bank’s aggressive interest rate-hiking cycle, saying the increase in borrowing costs was necessary to cool excess demand during a supply shock.The central bank’s campaign was successful in part due to the primacy of the 2% inflation target, Mendes said, and longer term inflation expectations didn’t drift too much higher during the pandemic and subsequent run up in prices.“The presence of excess demand in the economy amplified the inflationary effects of supply shocks. By eliminating excess demand, we were able to stop that.”“We believe inflation will once again fade into the background as it settles back at 2%,” he said.In prepared remarks, Mendes also explained that costs of deflation or a sustained period of below-target inflation would be harmful. The central bank isn’t aiming to bring yearly price pressures significantly below the 2% target, he said.“It would take a pretty big hit to the economy to get a meaningfully lower level of prices,” and the trade-off would “like leave most people feeling worse off,” Mendes said.The central bank cut borrowing costs by half a percentage point in October, bringing the benchmark overnight rate to 3.75% after starting to lower interest rates from 5% in June.“We’ve restored low inflation. We now need to ensure it stabilizes near the 2% target. We need to stick the landing,” Mendes said.Mendes pointed out that while inflation is back to normal, “it may not feel that way for many people.” His comments echoed remarks on Monday by Finance Minister Chrystia Freeland, who said Canada may be in a “vibecession” as positive macroeconomic data isn’t changing Canadians’ gloomy mindsets.Freeland’s government has tried to counter this national mood, and turn around its sinking poll numbers, by announcing a temporary halt to the federal sales tax on some items starting Dec. 14 and promising to send C$250 checks to nearly 19mn Canadians in the spring.The Bank of Canada, meantime, has sought to defend its actions during the pandemic and the ensuing period of high prices to Canadians who had previously paid little attention to inflation or monetary policy. The central bank plans to release a review of its response to Covid-19 in the new year.Mendes’s speech appears aimed at those Canadians, particularly those questioning whether the central bank’s rate hikes were really necessary given the supply shocks that helped drive up inflation, and those now wondering if a period of deflation might give them some desperately needed affordability relief.

Higher airfares will have a range of economic, social, and environmental impacts such as inflationary pressure, reduced demand for travel, increased costs for businesses and strain on lower-income travellers.A recent report said global airfares are set to become more expensive in 2025 even as gains moderate with ticket prices reflecting higher costs and lingering supply-chain disruptions.According to an American Express Global Business Travel Group (GBT) forecast, the slower climb in ticket expenses is a levelling off from this year’s steep post-Covid increases, the global corporate travel manager said in its annual report on the cost of flying.Fares on most routes will rise, though the size of the increases will likely vary greatly by region. North America and Europe are expected to see more “modest” increases of around 2% while Asia and Australasia, among the last regions to unwind pandemic curbs, are set to see rises of close to 14%.While airlines are largely more bullish about demand in 2025, their near-term efforts to add capacity remain hampered by delays in both new Airbus and Boeing planes, as well as longer servicing of jet engines that prevent more aircraft from taking to the skies.Increases in ticket prices next year are likely to more than erase any decreases before 2024, meaning some fares may return to post-pandemic highs, Bloomberg News calculations based on the Amex GBT data show.The key drivers pushing up airfares include rising wages and staffing shortages, particularly with the ongoing labour disputes in North America and the cost of fuel amid ongoing geopolitical tensions, the report added.According to analysts, higher air transportation costs will result in increased costs of goods and services, potentially fuelling inflation.Obviously, increased air cargo costs will escalate prices for high-value, time-sensitive goods such as electronics and pharmaceuticals. This could contribute to global inflation and disrupt supply chains.Higher airfares increase the cost of transporting perishable or high-value goods, making exports from remote regions less competitive.Higher airfares are likely to discourage discretionary travel, leading to fewer leisure and non-essential business trips. This could negatively impact airlines, tourism sectors, and related industries such as hotels, restaurants and local attractions.In particular, countries that are heavily reliant on international tourism will face reduced visitor numbers, impacting their hotels, restaurants, and local businesses. This could slow GDP growth and increase unemployment in tourism sectors.Companies that rely on frequent business travel will face higher expenses, potentially leading to cost-cutting measures like reducing trips or shifting to virtual meetings.Higher prices disproportionately affect budget-conscious travellers, reducing their access to air travel for work, education, or family visits.From an industry perspective, airlines might target high-margin segments such as business and luxury travellers to maintain profitability.Dwindling demand will force carriers to reduce the frequency of flights, trim routes, or adopt fuel-efficient technologies to mitigate costs.Airlines may explore alternative fuel sources or more efficient aircraft to manage rising operational costs and maintain affordability in the long term.The global body of airlines- International Air Transport Association or IATA says factors such as high jet fuel prices, sustainability initiatives, and fleet upgrades continue to pressure airfare levels. These could lead to a moderate rise in fares globally, estimated at 3%-7%, though regional variations may occur.IATA has underscored the importance of addressing supply chain disruptions, regulatory compliance costs, and geopolitical tensions, which could significantly affect industry economics and ticket prices.While IATA is optimistic about stabilising fares and improving industry resilience, external cost pressures and geopolitical dynamics remain critical factors in shaping airfare trends.

The Ministry of Public Health has announced updated health requirements for individuals travelling to perform Umrah or to visit the Prophet's Mosque, in accordance with the guidelines set by the Ministry of Health in the Kingdom of Saudi Arabia.The Ministry confirmed that receiving the meningococcal (quadrivalent ACYW-135) vaccine is now mandatory for all citizens and residents travelling for Umrah or visiting the Prophet's Mosque. This includes children aged one year and older, with the vaccine required to be administered at least 10 days prior to travel. This measure aims to safeguard the health and well-being of pilgrims and visitors.The Ministry also assured that all required vaccines for Hajj and Umrah are available at Primary Health Care Corporation Centres (PHCC), as well as urged citizens and residents, particularly those most vulnerable to health risks, to adhere to the recommended health guidelines for disease prevention.Additionally, the Ministry highlighted that Saudi authorities have recommended pilgrims receive the Covid-19 and seasonal influenza vaccines, though these are not mandatory. Saudi regulations, however, require travellers arriving from countries where wild poliovirus or vaccine-derived poliovirus (VDVF2 and VDVF1) is circulating to receive the polio vaccine. Similarly, those coming from regions affected by yellow fever must also obtain the yellow fever vaccine.

A Bank of Canada official said policymakers aim to keep inflation near their 2% target, and pushed back on the idea that officials should slow price gains further or cause deflation.Deputy Governor Rhys Mendes said it was reasonable to expect further cuts to interest rates if inflation and the economy continue to evolve as forecast but said that the timing and pace of further cuts would be guided by incoming data.He offered little new guidance on the near-term path for borrowing costs, reiterating that policymakers “no longer need interest rates to be as restrictive as they were.”Mendes said policymakers would be “looking closely” at third-quarter gross domestic product data released later this week, as well as November employment data. Traders in overnight swaps put the odds of another 50 basis point cut at about one third.In his first speech as deputy governor, Mendes also justified the bank’s aggressive interest rate-hiking cycle, saying the increase in borrowing costs was necessary to cool excess demand during a supply shock.The central bank’s campaign was successful in part due to the primacy of the 2% inflation target, Mendes said, and longer term inflation expectations didn’t drift too much higher during the pandemic and subsequent run up in prices.“The presence of excess demand in the economy amplified the inflationary effects of supply shocks. By eliminating excess demand, we were able to stop that.”“We believe inflation will once again fade into the background as it settles back at 2%,” he said.In prepared remarks, Mendes also explained that costs of deflation or a sustained period of below-target inflation would be harmful. The central bank isn’t aiming to bring yearly price pressures significantly below the 2% target, he said.“It would take a pretty big hit to the economy to get a meaningfully lower level of prices,” and the trade-off would “like leave most people feeling worse off,” Mendes said.The central bank cut borrowing costs by half a percentage point in October, bringing the benchmark overnight rate to 3.75% after starting to lower interest rates from 5% in June.“We’ve restored low inflation. We now need to ensure it stabilizes near the 2% target. We need to stick the landing,” Mendes said.Mendes pointed out that while inflation is back to normal, “it may not feel that way for many people.” His comments echoed remarks on Monday by Finance Minister Chrystia Freeland, who said Canada may be in a “vibecession” as positive macroeconomic data isn’t changing Canadians’ gloomy mindsets.Freeland’s government has tried to counter this national mood, and turn around its sinking poll numbers, by announcing a temporary halt to the federal sales tax on some items starting Dec. 14 and promising to send C$250 checks to nearly 19mn Canadians in the spring.The Bank of Canada, meantime, has sought to defend its actions during the pandemic and the ensuing period of high prices to Canadians who had previously paid little attention to inflation or monetary policy. The central bank plans to release a review of its response to Covid-19 in the new year.Mendes’s speech appears aimed at those Canadians, particularly those questioning whether the central bank’s rate hikes were really necessary given the supply shocks that helped drive up inflation, and those now wondering if a period of deflation might give them some desperately needed affordability relief.

The State of Qatar, represented by the Ministry of Finance, organised on Sunday the first GCC Economic Competitiveness Forum in co-operation with the World Economic Forum, with the attendance and participation of members of the GCC countries.Chaired by Assistant Undersecretary for Economic Affairs at the Ministry of Finance Dr Saud bin Abdullah al-Attiyah, the forum seeks to bring together the parties concerned with economic competitiveness in the GCC countries under one roof to discuss the common opportunities and challenges related to improving the competitiveness of the Gulf countries and unifying efforts between the GCC countries by establishing a common framework to enhance coordination and co-operation, which contributes to enhancing the competitiveness and supporting the Gulf economy of each country individually and as a single bloc.In a speech delivered at the opening of the forum, the assistant undersecretary for Economic Affairs at the Ministry of Finance said that the aim of organising the forum is to answer some questions such as what is economic competitiveness, and ways to come up with a unified Gulf definition proposal for economic competitiveness, especially in light of the changing methodologies and indicators of economic competitiveness, some of which do not necessarily reflect the reality of the Gulf economy, especially when relying on international indicators.He added that the forum will also address how the GCC countries can benefit from each other's experiences and form a joint Gulf framework for coordination and communication regarding Gulf competitiveness, especially unifying messages directed to international institutions, and how to benefit from the capabilities and expertise of existing Gulf institutions, such as the Economic and Development Affairs Authority of the GCC General Secretariat as well as the GCC Statistical Center.The Assistant Undersecretary for Economic Affairs at the Ministry of Finance stressed that the GCC countries enjoy great economic strength, as they have been able in recent years to confront economic, financial, and geopolitical crises and challenges, such as fluctuations in oil prices, Covid-19 pandemic, interest rates, and others, thanks to political stability, financial, monetary, and economic policies.In turn, Director of the Economic Competitiveness Department at the Ministry of Finance Baraa al-Mansouri addressed the definition of competitiveness by global institutions, the importance of this ability at the global level, and the extent of the need for cooperation between the GCC countries in this field, whether among themselves or with major economies, reviewing the main foundations for cooperation between the GCC countries and the field of competitiveness.Al-Mansouri said that the forum will discuss these topics in detail through two discussion sessions, the first of which will address the future of competitiveness of the GCC countries, while the second will address methodologies of global reports, especially the World Economic Forum's Competitiveness Index, as it is one of the most followed indicators around the world.In his remote speech, Aengus Collins of the World Economic Forum praised this Gulf initiative aimed at examining the GCC countries' ability to add tools and mechanisms that help formulate the GCC's economic policies and increase their competitiveness as a Gulf economic bloc. He stressed that today's meeting embodies the values of dialogue, cooperation, and institutional innovation, which are important concepts that support the Gulf's competitiveness.Collins discussed the work undertaken by the World Economic Forum in the field of competitiveness, addressing the chronology of the transformations it underwent later after its European launch in 1979, especially the development of the definition of competitiveness during 2010, 2014, and 2019, especially when the forum became global and held its annual meetings in Davos, Switzerland.He pointed out that the World Economic Forum defines competitiveness as the set of institutions, policies, and factors that determine the level of productivity in any country, which in turn determines the level of development and progress in any country, indicating the factors affecting competitiveness in terms of production costs, productivity, and many other elements that play a role in this regard, such as the country's internal dynamics, the quality of its human resources, the way it prepares for the future, and others. This competitiveness can also be affected by various factors such as wages, the cost of social programmes, the efficiency of telephone systems, or even the ability to speak foreign languages.After exchanging experiences between the GCC countries in the field of competitiveness, the forum concluded its work with a number of outputs and recommendations, to enable everyone to benefit from pioneering experiences, achieve greater economic integration, and establish a co-ordination framework between the GCC countries to enhance cooperation in the field of economic competitiveness, and to ensure continuous co-ordination in this field.