MENA | Saudi and UAE PMIs; Aramco profits; GCC travel
The April PMIs for both Saudi Arabia and the UAE remained in expansionary
territory, at 55.2 and 52.7 respectively. Continued recovery from the Covid-19 pandemic drove the readings, with increases in new orders signalling an
improvement in market conditions.
What you will learn:
- Saudi Aramco surpassed expectations in reporting profit growth of 30% in Q1 2021, following a recovery in the oil market fuelled by vaccine optimism and an upturn in global demand.
- Kuwait is to impose a travel ban on unvaccinated citizens from 22 May, but with those who are not eligible to receive the vaccine exempt.
- Non-Kuwaiti individuals are still not permitted to enter the country.
BoK’s monetary policy to tighten even as hiking cycle ends
Even without rate hikes, central banks' monetary policies can effectively tighten if the nominal neutral rate falls below the policy rate. We expect this will be the case for the Bank of Korea this year, as the gap between the policy rate and the nominal neutral rate widens.Find Out More
China: Emerging green shoots in Spring, but not out of the woods
We now incorporate a faster recovery from the post-Covid exit wave and raise our 2023 full-year GDP growth forecast to 4.5% (from 4.2% previously).Find Out More