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JEDDAH: Syria is set to modernize its digital payments system after its central bank signed a memorandum of understanding with Mastercard, marking a major step toward reintegration into the global financial ecosystem. 

The agreement aims to expand access to financial services for millions of Syrians by aligning local banks and financial institutions with international standards. The partnership also includes training programs and technical exchanges to build domestic expertise in digital payments, according to a press release. 

The partnership between Mastercard and the Central Bank of Syria is a key step toward strengthening the country’s financial system and broadening digital payment services. 

This comes as Syria’s economy shows early signs of recovery after more than a decade of civil conflict, sanctions, and international isolation, driven by efforts to modernize infrastructure and attract strategic partnerships. 

Abdulkader Husrieh, governor of the Central Bank of Syria, said: “With its global network, customized technology solutions, and in-depth knowledge of the payments landscape, Mastercard is one of our most important strategic partners in building a robust financial system in Syria.” 

He added: “The formal signing of this MoU establishes a collaborative framework for sharing and exchanging expertise to strengthen our country’s payments infrastructure and advance our financial inclusion agenda. Undoubtedly, our alliance will make great strides in the economic empowerment of our people and businesses.” 

Adam Jones, Mastercard’s executive vice president and division president for West Arabia, said they welcome the opportunity to work with CBS and the Syrian government to explore opportunities to create a payments system that works for both local citizens and international travelers in what he called “a high-potential” market. 

Jones added: “This MoU is a testament to our shared belief that inclusive financial ecosystems are built through partnership, innovation and local engagement.” 

Mastercard described the agreement as an initial framework for cooperation with the CBS, focused on knowledge exchange and the adoption of global best practices in digital payments. 

The company noted that next steps will involve exploring further collaboration opportunities, including training programs, technical workshops, and joint initiatives designed to promote financial inclusion and strengthen Syria’s payment infrastructure. 

Both parties said the agreement lays the groundwork for future partnerships to support Syria’s economy and benefit businesses and citizens. 

In June, the country carried out its first international bank transaction via the SWIFT system since the outbreak of its 14-year civil war — a milestone in the country’s push to reintegrate into the global financial system.

DUBAI: Global economic growth is expected to weaken over the next year, according to the World Economic Forum’s latest “Chief Economists’ Outlook” report.

Some 72 percent of surveyed chief economists predict weaker growth over the next year globally, citing shifts in trade, rising political uncertainty and rapid technological changes.

Advanced economies are expected to remain stagnant. In the US, more than half (52 percent) anticipate weak or very weak growth.

Still, 22 percent of chief economists expected moderate growth in April, but that number has now increased to 49 percent.

Europe’s outlook is improving, though cautiously. Some 60 percent of respondents expect moderate or strong growth over the coming year, up from 47 percent in April, while 40 percent expect weak growth.

However, emerging markets such as the Middle East and North Africa, South Asia and East Asia and the Pacific show a more optimistic outlook with one in three chief economists expecting strong or very strong growth in these regions.

MENA is leading the charge with the strongest growth outlook. Some 37 percent of chief economists predict strong or very strong growth, up from 22 percent in April.

The World Bank projects the regional economy to grow 2.7 percent in 2025, accelerating to 3.7 percent in 2026 and 4.1 percent in 2027.

Confidence in MENA’s growth is fueled by the region’s efforts to diversify its economies and its tech ambitions, reflected in artificial intelligence-focused partnerships with the US.

The report highlights ������Ƶ’s Vision 2030 as a “flagship effort” for economic diversification, and Dubai’s drive to become a financial hub, demonstrating the UAE’s ability to foster a business-friendly environment.

Inflation expectations vary across regions. Chief economists (59 percent) anticipate high inflation in the US over the next year. In Europe, only 9 percent expect high inflation, with a substantial 88 percent expecting moderate or low inflation.

In MENA, 60 percent of respondents expect moderate inflation and 28 percent expect low inflation over the next year.

The report also warns that advanced and developing economies are on increasingly divergent growth paths, with 56 percent of chief economists expecting the gap to widen further over the next three years.