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Most CEOs expect bleak economic outlook for 2023: PwC survey

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DAVOS, Switzerland, Jan. 16 (Xinhua) — An overwhelming majority (73 percent) of chief executive officers (CEOs) surveyed expect global economic growth to decline over the next 12 months, a new PricewaterhouseCoopers (PwC) survey launched at the World Economic Forum (WEF) in Davos showed on Monday.

The “PwC Global CEO Survey”, which polled 4,410 CEOs in 105 countries and regions in October and November 2022, also revealed that 40 percent of the CEOs saw inflation as the top global threat, while 31 percent chose macroeconomic volatility, and 25 percent chose geopolitical conflict.

“A volatile economy, decades-high inflation, and geopolitical conflict have contributed to a level of CEO pessimism not seen in over a decade,” said Bob Moritz, PwC’s global chairman.

“CEOs globally are consequently re-evaluating their operating models and cutting costs, yet despite these pressures, they are continuing to put their people front and center as they look to retain talent in the wake of the ‘Great Resignation’.”

The report also found that nearly 40 percent of CEOs do not believe their organizations will be economically viable in 10 years if they do not undergo significant transformation.

The survey came after the International Monetary Fund (IMF) said last week that 2023 would be another “tough year,” but kept its forecast for global growth steady at 2.7 percent.

Changing customer demands and regulation, labor and skills shortages, and tech disruption are seen as the biggest challenges to long-term industry profitability, Moritz said.

“The risks facing organizations and society today cannot be addressed alone and in isolation,” he said.

“CEOs must therefore continue to collaborate with a wide range of public and private sector stakeholders to effectively mitigate those risks, build trust and generate long term value, for their businesses, society and the planet,” he said.

The WEF’s annual meeting, themed “Cooperation in a Fragmented World”, takes place from Monday to Friday in the Swiss town of Davos.

Source(s): Xinhua

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IASL is seeks A contractor to refurbish the Maafaru airport terminal

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BY: FATHIMATH LAUZA.

Island Aviation Services Limited (IASL) is looking for a contractor to refurbish the Maafaru International Airport terminal. IASL has asked interested Maldivian enterprises to submit proposals by February 12.

According to General Manager Mumthaz Ali, the goal of the terminal upgrade is to expand the airport’s capacity, add additional Maldives Immigration counters, and develop commercial and VVIP lounges.
He stated that the terminal will be a two-story structure, with the first level housing the VVIP lounge and the second housing the commercial lounge and offices.

Furthermore, the Maldives Transport and Contracting Company (MTCC) is planning to rebuild and enlarge the runway at Maafaru International Airport. The Abu Dhabi Fund for Development has provided a USD27 million grant to the project (ADFD). The expansion of the runway and terminal is projected to greatly boost the airport’s capacity.

The renovation and extension are part of Maafaru International Airport’s second phase of development. MTCC is in charge of extending the runway by 650 meters, enlarging the strip, recovering land, and constructing coastline protection buildings. Other activities include improving the runway pavement, enlarging the taxiway, and modernizing the AGL and power systems.

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State reserve at USD 827.7M by end of last year, a significant improvement

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Statistics publicized Maldives Monetary Authority (MMA) show that the state reserve stood at USD 827.7 million at the end of last year.

The ‘Economic Update’ publicized by MMA on Thursday showed that the gross international reserve, or in other words, the foreign currency reserve of the central bank, increased to USD 827.7 million by the end of last December.

This marks a three percent increase compared to the previous year. At the end of 2021, the state reserve stood at USD 805.8 million.

The reserve significantly improved in December 2022 compared to November 2022 with an addition of USD 223.5 million – marking a 37 percent increase. At the end of November 2022, the reserve stood at USD 604.2 million.

Tourism sector performed significantly well in the last quarter of last year. Statistics by Tourism Ministry showed that Maldives recorded 184,051 tourist arrivals in December alone, marking a 12 percent increase compared to December 2021.

As per MMA, the number of fisheries exports from the Maldives also significantly increased during December 2022. The central bank said that number of total exports had also significantly increased last year.

Economic experts cite the increased tourist arrivals to the Maldives and increased exports from the Maldives as a positive impact on the Maldivian economy.

While statistics from MMA shows Maldivian economy making steady improvements – Finance Ministry had recently announced measures to cut down state expenditure which is currently in force.

Source(s): sun.mv

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OPEC+ committee recommends staying course on oil output policy

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VIENNA, Feb. 1 (Xinhua) — Leading oil officials on Wednesday recommended to maintain the current oil output policy of OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, amid an uncertain global economic outlook.

The OPEC+ agreed in October 2022 to cut production by 2 million barrels per day from the following month until the end of 2023. The cut equals to about 2 percent of the annual global oil demand.

Members of the OPEC+ Joint Ministerial Monitoring Committee (JMMC) “reaffirmed their commitment” to the current output plan at a virtual meeting on Wednesday and “urged all participating countries to achieve full conformity and adhere to the compensation mechanism,” according to an OPEC statement.

The JMMC comprises oil ministers from the OPEC+ countries. It has no decision-making power but provides policy recommendations for the OPEC+ ministerial meeting, the group’s decision-making body. It has also the authority to request additional OPEC+ ministerial meetings “at any time to address market developments,” according to OPEC.

The JMMC has reviewed the oil production data for November and December last year and “noted the overall conformity” for the OPEC+ countries, OPEC added.

The next JMMC meeting is scheduled for April 3. The next OPEC+ ministerial meeting, where the group will formally decide its output policy, is set for June 4.

Source(s): Xinhua

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