Saudi non-oil sector to grow 4.7%

According to the World Bank, Saudi Arabia's non-oil sector is expected to grow 4.7% in 2023 as the Kingdom's Vision 2030 goal of diversifying the economy away from oil gains strength. This forecast comes despite an expected slowdown in the Gulf Cooperation Council economy due to lower oil and gas yields and sluggish global economic growth. The gross domestic product of the GCC countries is expected to grow by 2.5% in 2023 and by 7.2% in 2024, up from 4.3%. This figure was observed in 2022.

A projected 1.3% contraction in hydrocarbon GDP will be the main reason behind the slowdown in the Gulf region, the report said. This is largely due to the announcement of production cuts by the organization of petroleum exporting countries and their allies, known as OPEC+, last month, as well as the global economic slowdown. Still, GCC non-oil sector growth is expected to reach 4.6% in 2023, supported by private consumption, fixed investment and loose fiscal policies, which will moderate the decline in oil activity.

"Improvement to the business climate and competitiveness, and the overall improvements in female labour force participation in the GCC countries, especially in Saudi Arabia, have all paid off, though further diversification efforts are still needed and are underway," the World Bank said.

After growing 8.7% in 2022, Saudi Arabia's GDP is set to reach 2.2% by the end of this year as the oil sector's contribution to GDP is expected to fall by 2%.

In March, the regional director of the Gulf Cooperation Council at the World Bank noted that the Gulf countries will see global economic growth double this year, with Saudi Arabia and the United Arab Emirates taking the lead.

Issam Abu Suleiman explained that the Gulf countries are expected to grow by 3.7% in 2023, higher than the World Bank's estimate of 2.5%. He pointed out that the GCC region has generally performed very well after the pandemic and that the main challenge is the vaccination efforts, which have been completed quickly compared to other countries in the region.

In a tweet, Pei wrote that early tests showed that the Phone (2) opened apps twice as fast as the phone (1)

China surpassed Germany to take second place in the global export of automobiles last year

Nothing Phone (2) gets new upgrade Thailand economy grew 2.7% in Q1

Carl Pei, founder of consumer electronics brand Nothing, said that their Phone (2) will be powered by the Snapdragon 8-series chipset, a clear upgrade from the Phone (1).

In a tweet, Pei wrote that early tests showed that the Phone (2) opened apps twice as fast as the phone (1), "an impressive 80% improvement in overall performance." The Snapdragon 8+ Gen 1 feature is capable of capturing over 4,000 times more camera data than the ISP used in the Phone (1).

"There has been a lot of discussion ever since we announced that Phone (2) will have a Snapdragon 8 Series chipset. Well here's some news - it's going to be the premium-tier powerhouse Snapdragon 8+ Gen 1," Pei posted.

Thailand's economy grew 2.7% in the first quarter of the year, thanks to a recovery in tourism and higher agricultural production, according to the country's economic planning agency. This was the sixth consecutive period of expansion, accelerating from 1.4% growth in the year according to data released by the Office of the National Economic and Social Development Council (NESDC).

The improvement was attributed to the steady expansion of the service sector, fueled by the country's growing number of foreign arrivals, and the agricultural sector due to higher returns, the NESDC said. It is noted that the NESDC maintained its gross domestic product forecast this year in the range of 2.7% to 3.7%.

China becomes top car exporter

China says it has become the world's largest exporter of cars after overtaking Japan in the first three months of the year. Official figures released show that China exported 1.07 million vehicles during the period, up 58% compared to the first quarter of 2022.

At the same time, Japan's exports of vehicles increased marginally by 6% from a year earlier to 9,54,185. Sales to Russia and the need for electric vehicles helped China's exports grow. China surpassed Germany to take second place in the global export of automobiles last year. China shipped 3.2 million vehicles in 2022, compared to Germany's 2.6 million, according to the General Administration of Customs in China.

UN urged to halt plastic use

Over 150 civil society groups and academics from around the world, including ethologist, anthropologist and UN Messenger of Peace Dr. Jane Goodall, have signed an open letter urging the UN to act now to prevent the fossil fuel industry from undermining negotiations on an effective global plastics treaty.

The letter comes as delegates prepare for the second round of Global Plastics Contract (INC2) negotiations. Countries are expected to commit to a legally-binding agreement to end plastic pollution by 2025, and the fossil fuel industry has been actively promoting it both directly and through industry groups such as the Association to End Plastic Waste and American Chemistry Council (ACC) to weaken the use.

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