Saudi Arabia's net foreign direct investment (FDI) inflows rose by 5.6% to 9.5 billion riyals ($2.53 billion) in the first quarter of 2024. Overall inflows rose by 0.6% to 17 billion riyals during this period last year, while outflows dropped by 5.1% to roughly 7.5 billion riyals. In line with Crown Prince Mohammed bin Salman's plan to diversify the economy away from oil dependency, the kingdom hopes to bring in $100 billion in foreign direct investment (FDI) by 2030 to increase its non-oil GDP. The secondary share sale of state oil company Saudi Aramco earlier this month, which raised
According to The Economic Times, Indian expatriates sent a record $107 billion home in the fiscal year 2023–24. The latest surge has surpassed the previous $100 billion milestone for the second consecutive year. Portfolio investments and FDI, which totalled $54 billion during the same period, have almost doubled. According to data on the balance of payments, gross remittances, or private transactions, from the Indian diaspora totalled $119 billion in FY24. Net private transfers were $107 billion after deducting other costs and overseas residents' income repatriation. Studies conducted
Thai Prime Minister Srettha Thavisin proposed a 3.753 trillion baht ($102 billion) budget for the 2025 fiscal year to stimulate the sluggish economy as lawmakers began a three-day debate. Srettha emphasised the importance of the budget in enabling the economy to reach its full potential. The second-largest economy in Southeast Asia is predicted to expand by 2.5% to 3.5% by 2025, with 0.7% to 1.7% expected for inflation. Improving upon last year's 1.9% growth, the administration is targeting a minimum of 3% growth this year. Srettha stressed that deficit budgeting was essential to rev up th
On Wednesday, May 15, 2024, the Indian government announced a reduction in the windfall tax on domestically produced crude oil, lowering it from ₹8,400 to ₹5,700 per tonne, effective from May 16, 2024. An official statement states that the windfall tax, which is a Special Additional Excise Duty, has been kept at zero for the export of diesel, petrol, jet fuel, and aviation turbine fuel. Along with other countries that levy a windfall tax on energy corporations' abnormally high earnings, India was the first to do so on July 1, 2022. At first, gasoline and ATF were subject to export char
India will continue to be the world’s fastest-growing economy, with a projected steady growth rate of 6.7% for the next three fiscal years, according to the World Bank. The World Bank's growth projections for India are 6.7% for FY26 and 6.8% for FY27, with the 6.6% growth forecast for FY25 being maintained. Although there may be a little slowdown, India's growth rate will still be the greatest among the world's biggest economies. The report highlights that the recovery of agriculture and falling inflation will contribute to private consumption growth. Meanwhile, slowing government spe
The IMF praised Sri Lanka for its significant progress in macroeconomic policy reforms ahead of the upcoming review of the lender’s $2.9 billion bailout programme for the crisis-hit country. According to the IMF, Sri Lanka is anticipated to shortly complete deals with external commercial borrowers. The head of the IMF's communication department, Julie Kozack, emphasised Sri Lanka's "sufficiently strong progress" towards debt restructuring. During a press conference, Kozack stated, "We do see macroeconomic policy reform beginning to bear fruit." Promising results include strong reserve
On Wednesday, the Australian government introduced legislation to regulate buy-now-pay-later (BNPL) firms, requiring them to run credit checks on borrowers. The purpose of this change is to bring the industry on par with other consumer credit products, as it is quite popular among young people. People who are struggling financially typically turn to BNPL firms for short-term loans that don't require any sort of credit check and don't have any interest. As a result of the new regulations, BNPL providers are now subject to regulation by the Australian Securities and Investments Commission, w
King Charles III-featured UK banknotes will join circulation on Wednesday; however, they will initially be uncommon in regular transactions. In order to satisfy rising demand or replace outdated notes featuring Queen Elizabeth II, the Bank of England (BOE) announced that new notes would be released. This move comes as cash use drops. Following King Charles's lead in advocating for the environment, this gradual rollout will attempt to lessen the financial and ecological footprint. The notes of Queen Elizabeth II will circulate alongside the new ones and continue to be prominent for a whi
The Reserve Bank of India (RBI) transferred 100 tonnes of gold from its UK vaults to India, the first repatriation since 1991. This measure is part of a larger campaign to safeguard domestic assets, motivated by strategic, geopolitical, and economic factors. By March 2024, the RBI's gold reserves were 822.1 tonnes, with 413.8 tonnes kept abroad, mostly with the Bank of England and the Bank for International Settlements. The transfer is meant to diversify reserve management, improve security, and reduce the risks connected with gold storage abroad as geopolitical tensions rise. Western coun
The European Commission has approved Italian state aid for STMicroelectronics to build a 5 billion euro ($5.4 billion) microchip facility in Catania, Sicily. This plan attempts to lessen Europe's reliance on Asian chip imports, especially because of supply chain problems and trade concerns. The plant, which has received a 2 billion euro subsidy from Rome, will specialise in energy-efficient microchips for electric vehicles, meeting essential needs as the automotive sector shifts to electrification. Growing concerns about Europe's reliance on Asian chip supplies inspired the EU's Chips Act,