Egypt tests new extension of the Suez Canal
Egypt has tested a new 10-kilometre (6.2-mile) extension to the Suez Canal as it tries to minimise the impact of currents on shipping and increase the key waterway's capacity.
Two ships used the new extension on Saturday, a statement from the Suez Canal Authority said.
Authority chief Osama Rabie said the development in the canal's southern region will "enhance navigational safety and reduce the effects of water and air currents on passing ships".
Vessels navigating the waterway have at times run aground, mostly because of strong winds and sandstorms. In 2021, giant container ship Ever Given became wedged diagonally in the canal, blocking trade for nearly a week and resulting in delays that cost billions of dollars.
The new extension is set to boost the canal's capacity by six to eight vessels a day, Rabie said, and it will open after new navigational maps are issued.
In 2015, Egypt undertook an $8-billion expansion to the waterway, followed by several smaller development projects. The Suez Canal has long been a vital source of foreign currency for Egypt that has been undergoing its worst ever economic crisis.
According to the International Monetary Fund, revenue from the canal has been slashed by up to 70 percent since last year because of attacks by Yemen's Iran-backed Huthi rebels on shipping in the Red Sea. Before the attacks pushed companies to change routes, the vital passage accounted for around 10 percent of global maritime trade.
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Gulf Insider
5 days ago
- Gulf Insider
US & China's Combined GDP Equals 184 Countries
The U.S. and China are in the midst of their second trade war in seven years. Earlier this year President Trump announced an initial 34% 'reciprocal' tariff rate on China, leading to a swift Chinese retaliation. For a brief period, both crossed into 100% territory (i.e., more than the entire cost of the goods itself). Experts cautioned that the resulting chaos could wipe off hundreds of billions from both economies and financial markets saw a swift downturn in response. Since then, tariff rates have come down: varying between 40โ50% on Chinese goods entering the U.S. and 10โ30% on U.S. products entering China. In this chart, Visual Capitalist's Pallavi Rao compares the combined GDP of the U.S. and China versus everyone else, using April 2025 data from the International Monetary Fund. The latest estimates for 2025 have America's and China's combined GDP at roughly $50 trillion. Of the two, the U.S. is much larger, at about $31 trillion, with China at $19 trillion. Rank Countries 2025 GDP(in Millions) 1 ๐บ๐ธ U.S. $30,507 2 ๐จ๐ณ China $19,232 3 ๐ฉ๐ช Germany $4,745 4 ๐ฎ๐ณ India $4,187 5 ๐ฏ๐ต Japan $4,186 6 ๐ฌ๐ง UK $3,839 7 ๐ซ๐ท France $3,211 8 ๐ฎ๐น Italy $2,423 9 ๐จ๐ฆ Canada $2,225 10 ๐ง๐ท Brazil $2,126 11 ๐ท๐บ Russia $2,076 12 ๐ช๐ธ Spain $1,800 13 ๐ฐ๐ท South Korea $1,790 14 ๐ฆ๐บ Australia $1,772 15 ๐ฒ๐ฝ Mexico $1,693 16 ๐น๐ท Tรผrkiye $1,437 17 ๐ฎ๐ฉ Indonesia $1,430 18 ๐ณ๐ฑ Netherlands $1,272 19 ๐ธ๐ฆ Saudi Arabia $1,084 20 ๐ต๐ฑ Poland $980 21 ๐จ๐ญ Switzerland $947 22 ๐น๐ผ Taiwan $805 23 ๐ง๐ช Belgium $685 24 ๐ฆ๐ท Argentina $684 25 ๐ธ๐ช Sweden $620 26 ๐ฎ๐ช Ireland $599 27 ๐ฎ๐ฑ Israel $583 28 ๐ธ๐ฌ Singapore $565 29 ๐ฆ๐ช UAE $549 30 ๐น๐ญ Thailand $546 31 ๐ฆ๐น Austria $534 32 ๐ณ๐ด Norway $504 33 ๐ต๐ญ Philippines $497 34 ๐ป๐ณ Vietnam $491 35 ๐ง๐ฉ Bangladesh $467 36 ๐ฉ๐ฐ Denmark $450 37 ๐ฒ๐พ Malaysia $445 38 ๐จ๐ด Colombia $428 39 ๐ญ๐ฐ Hong Kong $424 40 ๐ฟ๐ฆ South Africa $410 41 ๐ท๐ด Romania $403 42 ๐จ๐ฟ Czech Republic $360 43 ๐ช๐ฌ Egypt $347 44 ๐จ๐ฑ Chile $344 45 ๐ฎ๐ท Iran $341 46 ๐ต๐น Portugal $321 47 ๐ซ๐ฎ Finland $304 48 ๐ต๐ช Peru $303 49 ๐ฐ๐ฟ Kazakhstan $301 50 ๐ฉ๐ฟ Algeria $269 51 ๐ฌ๐ท Greece $267 52 ๐ฎ๐ถ Iraq $258 53 ๐ณ๐ฟ New Zealand $249 54 ๐ญ๐บ Hungary $237 55 ๐ถ๐ฆ Qatar $223 56 ๐บ๐ฆ Ukraine $206 57 ๐ณ๐ฌ Nigeria $188 58 ๐ฒ๐ฆ Morocco $166 59 ๐ฐ๐ผ Kuwait $153 60 ๐ธ๐ฐ Slovak Republic $147 61 ๐บ๐ฟ Uzbekistan $132 62 ๐ฐ๐ช Kenya $132 63 ๐ฉ๐ด Dominican Republic $128 64 ๐ช๐จ Ecuador $126 65 ๐ต๐ท Puerto Rico $123 66 ๐ฌ๐น Guatemala $121 67 ๐ช๐น Ethiopia $117 68 ๐ง๐ฌ Bulgaria $117 69 ๐ฆ๐ด Angola $113 70 ๐ป๐ช Venezuela $109 71 ๐ด๐ฒ Oman $104 72 ๐จ๐ท Costa Rica $103 73 ๐ญ๐ท Croatia $99 74 ๐ฑ๐บ Luxembourg $97 75 ๐จ๐ฎ Cรดte d'Ivoire $94 76 ๐ท๐ธ Serbia $93 77 ๐ต๐ฆ Panama $92 78 ๐ฑ๐น Lithuania $89 79 ๐น๐ฒ Turkmenistan $89 80 ๐ฌ๐ญ Ghana $88 81 ๐น๐ฟ Tanzania $86 82 ๐บ๐พ Uruguay $80 83 ๐จ๐ฉ DRC $79 84 ๐ฆ๐ฟ Azerbaijan $79 85 ๐ธ๐ฎ Slovenia $75 86 ๐ง๐พ Belarus $72 87 ๐ฒ๐ฒ Myanmar $65 88 ๐บ๐ฌ Uganda $64 89 ๐ง๐ด Bolivia $56 90 ๐น๐ณ Tunisia $56 91 ๐ฏ๐ด Jordan $56 92 ๐จ๐ฒ Cameroon $56 93 ๐ฒ๐ด Macao $53 94 ๐ฐ๐ญ Cambodia $50 95 ๐ง๐ญ Bahrain $48 96 ๐ฑ๐พ Libya $47 97 ๐ณ๐ต Nepal $46 98 ๐ฑ๐ป Latvia $46 99 ๐ต๐พ Paraguay $45 100 ๐ช๐ช Estonia $45 101 ๐จ๐พ Cyprus $39 102 ๐ญ๐ณ Honduras $38 103 ๐ฟ๐ผ Zimbabwe $38 104 ๐ธ๐ป El Salvador $37 105 ๐ฌ๐ช Georgia $35 106 ๐ฎ๐ธ Iceland $35 107 ๐ธ๐ณ Senegal $35 108 ๐ญ๐น Haiti $34 109 ๐ต๐ฌ Papua NewGuinea $33 110 ๐ธ๐ฉ Sudan $32 111 ๐ฌ๐ณ Guinea $30 112 ๐ฟ๐ฒ Zambia $29 113 ๐ง๐ฆ Bosnia &Herzegovina $29 114 ๐ฆ๐ฑ Albania $28 115 ๐ง๐ซ Burkina Faso $27 116 ๐น๐น Trinidad& Tobago $26 117 ๐ฆ๐ฒ Armenia $26 118 ๐ฌ๐พ Guyana $26 119 ๐ฒ๐ณ Mongolia $26 120 ๐ฒ๐น Malta $26 121 ๐ฒ๐ฟ Mozambique $24 122 ๐ฒ๐ฑ Mali $23 123 ๐ง๐ฏ Benin $22 124 ๐ณ๐ช Niger $22 125 ๐ฏ๐ฒ Jamaica $21 126 ๐ณ๐ฎ Nicaragua $21 127 ๐ฌ๐ฆ Gabon $20 128 ๐ฐ๐ฌ KyrgyzRepublic $20 129 ๐ฒ๐ฉ Moldova $19 130 ๐ง๐ผ Botswana $19 131 ๐น๐ฉ Chad $19 132 ๐ฒ๐ฌ Madagascar $19 133 ๐ฒ๐ฐ North Macedonia $18 134 ๐พ๐ช Yemen $17 135 ๐ฑ๐ฆ Laos $16 136 ๐ง๐ณ Brunei $16 137 ๐ฒ๐บ Mauritius $15 138 ๐จ๐ฌ Congo $15 139 ๐ง๐ธ The Bahamas $15 140 ๐น๐ฏ Tajikistan $15 141 ๐ท๐ผ Rwanda $15 142 ๐ณ๐ฆ Namibia $14 143 ๐ฒ๐ผ Malawi $14 144 ๐ธ๐ด Somalia $13 145 ๐ฌ๐ถ EquatorialGuinea $13 146 ๐ฒ๐ท Mauritania $11 147 ๐ฝ๐ฐ Kosovo $11 148 ๐น๐ฌ Togo $10 149 ๐ฒ๐ช Montenegro $9 150 ๐ธ๐ฑ Sierra Leone $8 151 ๐ง๐ง Barbados $8 152 ๐ฒ๐ป Maldives $7 153 ๐ง๐ฎ Burundi $7 154 ๐ซ๐ฏ Fiji $6 155 ๐ธ๐ฟ Eswatini $5 156 ๐ฑ๐ท Liberia $5 157 ๐ฉ๐ฏ Djibouti $5 158 ๐ธ๐ท Suriname $5 159 ๐ฆ๐ผ Aruba $4 160 ๐ฆ๐ฉ Andorra $4 161 ๐ธ๐ธ South Sudan $4 162 ๐ง๐ฟ Belize $4 163 ๐ง๐น Bhutan $3 164 ๐จ๐ซ Central AfricanRepublic $3 165 ๐จ๐ป Cabo Verde $3 166 ๐ฌ๐ฒ The Gambia $3 167 ๐ฑ๐จ Saint Lucia $3 168 ๐ฑ๐ธ Lesotho $2 169 ๐ฆ๐ฌ Antigua& Barbuda $2 170 ๐ฌ๐ผ Guinea-Bissau $2 171 ๐ธ๐จ Seychelles $2 172 ๐น๐ฑ Timor-Leste $2 173 ๐ธ๐ฒ San Marino $2 174 ๐ธ๐ง Solomon Islands $2 175 ๐ฐ๐ฒ Comoros $2 176 ๐ฌ๐ฉ Grenada $1 177 ๐ป๐บ Vanuatu $1 178 ๐ป๐จ Saint Vincent& the Grenadines $1 179 ๐ผ๐ธ Samoa $1 180 ๐ฐ๐ณ Saint Kitts& Nevis $1 181 ๐ธ๐น Sรฃo Tomรฉ& Prรญncipe $1 182 ๐ฉ๐ฒ Dominica $1 183 ๐น๐ด Tonga $1 184 ๐ซ๐ฒ Micronesia $1 185 ๐ต๐ผ Palau $0.3 186 ๐ฐ๐ฎ Kiribati $0.3 187 ๐ฒ๐ญ Marshall Islands $0.3 188 ๐ณ๐ท Nauru $0.2 189 ๐น๐ป Tuvalu $0.1 Note: Data missing for Afghanistan, Eritrea, Lebanon, Pakistan, Sri Lanka, Syria, and Palestine. If we skip the next three economiesโGermany, India, and Japanโthen the entire rest of the world (184 countries), also has an economic output of around $50 trillion. Which means that despite the rise of regional trade, there is no escaping one of the two economic giants. Groups 2025 GDP(in Millions) ๐บ๐ธ U.S. & ๐จ๐ณ China $49,739 ๐ 184 Countries $50,381 ๐ฉ๐ช Germany, ๐ฎ๐ณ India, ๐ฏ๐ต Japan $13,118 Note: Figures are rounded to the closest trillion in the visualization. China's figures do not include Hong Kong or Macao. The U.S. is the world's largest importer of consumer goods, and China is the largest exporter. Most of the world picks one of these two as their largest trading partner. So even when countries might not enjoy the geopolitics of both countries, their economic might effectively makes them the loudest voice in the room. Want more fun comparison maps? Check out: Germany's Economy Equals 22 Other European Countries Combined for regional-specific breakdowns.
Gulf Insider
27-05-2025
- Gulf Insider
Iran Issues Optimistic Statement After US Nuclear Talks
The Iranian Foreign Minister expressed optimism that the US and Iran could reach an agreement over his country's nuclear energy program. Italy hosted the talks with the Omani mediator issuing a less optimistic statement following the talks. 'This round was one of the most professional stages of negotiations we have ever experienced. In this meeting, the positions and principles of the Islamic Republic of Iran regarding the negotiation process were once again presented with complete transparency,' Abbas Araghchi said. He continued, 'Although we have not yet reached the final agreement stage, the atmosphere prevailing in today's negotiations, especially given the proposals made by Oman to remove obstacles, has strengthened the possibility of achieving progress.' The optimistic statement followed multiple Iranian officials stating that Tehran would not give up its nuclear enrichment program. Several US officials have said that Washington will not reach a new deal with Tehran unless the Islamic Republic dismantles its enrichment program. Donald Trump's Middle East Envoy Steve Witkoff, who is leading the US talks with Iran, said Sunday that Washington would not allow Tehran to keep any enrichment capabilities. 'We have one very, very clear red line, and that is enrichment. We cannot allow even one percent of an enrichment capability,' he said. Iranian Supreme Leader Ayatollah Ali Khamenei responded last Tuesday, calling Witkoff's remarks 'utter nonsense.' 'For them to say, 'we won't allow uranium enrichment,' is utter nonsense,' he explained. Before the talks on Friday morning, Araghchi wrote on X that demanding Iran dismantle its nuclear enrichment program was a red line. 'Figuring out the path to a deal is not rocket science. Zero nuclear weapons = we DO have a deal. Zero enrichment = we do NOT have a deal. Time to decideโฆ' While Araghchi's remarks following the meeting were positive, the Omani mediator's statement was notably less positive. 'The fifth round of Iran-US talks have concluded today in Rome with some but not conclusive progress. We hope to clarify the remaining issues in the coming days, to allow us to proceed towards the common goal of reaching a sustainable and honorable agreement,' Muscat said. Also read: Iran Tells US 'Time To Decide' During 5th Round Of Nuclear Talks In Rome
Daily Tribune
26-05-2025
- Daily Tribune
India Overtakes Japan to Become World's Fourth-Largest Economy,
India has officially overtaken Japan to become the fourth-largest economy in the world, according to NITI Aayog CEO B.V.R. Subrahmanyam, citing data from the International Monetary Fund (IMF). Speaking at a press conference following the 10th NITI Aayog Governing Council Meeting, Subrahmanyam confirmed that India's nominal GDP has crossed the $4 trillion mark, pushing it ahead of Japan. 'We are the fourth-largest economy as I speak. We are a USD 4 trillion economy, and this is not my dataโit's IMF data. India today is larger than Japan,' Subrahmanyam said. According to the IMF's World Economic Outlook report released earlier this month, India's GDP is projected to reach $4.187 trillion in 2025, narrowly surpassing Japan's estimated $4.186 trillion. Only the United States, China, and Germany now stand ahead of India in global economic rankings. Looking ahead, India is poised to surpass Germany and become the world's third-largest economy within the next 2.5 to 3 years if it maintains its current trajectory. The IMF projects India's GDP will climb to $5.58 trillion by 2028, outpacing Germany's projected $5.25 trillion. India continues to be the fastest-growing major economy globally and is expected to maintain a growth rate above 6% over the next two years โ the only major economy to do so. In contrast, both Germany and Japan are forecast to experience sluggish growth due to the ongoing global trade war. Germany is expected to see no GDP growth in 2025 and only 0.9% in 2026, while Japan's economy is projected to grow at a modest 0.6% in both years. Meanwhile, the United States remains the world's largest economy, with its GDP expected to reach $30.5 trillion in 2025, followed by China at $19.2 trillion. However, both economies are predicted to witness slower growth, with the U.S. expected to grow at 1.8% in 2025 and 1.7% in 2026. Among other global projections, the Euro Area is forecast to grow by just 0.8% in 2025, recovering slightly to 1.2% in 2026. France's growth is expected to hover between 0.6% and 1%, while the UK is projected to expand by 1.1% and 1.4% in those respective years. Spain is forecast to outperform most European peers with 2.5% growth in 2025, slowing to 1.8% in 2026. India's economic surge not only reflects its robust domestic growth but also signals a shift in global economic power toward emerging markets in Asia. With continued momentum, India is on course to claim its place among the world's top three economies by the end of this decade.
