Monthly Global Forecast | July 2022

Politics and Governance

Tunisia to hold a referendum for the new constitution on 25 July

The President of Tunisia, Kais Saied, has announced that the referendum for the new constitution will be held on 25 July. This constitution for the “new republic” was devised by an advisory committee of political science and law deans appointed by the President for this purpose. The referendum vote will solely be gauging whether the Tunisians agree or disagree with the new constitution. The exercise has been scheduled after the country’s deep political and economic crisis following the domestic political disruption, the Russian-Ukrainian conflict and the Covid pandemic. It is set to be held a year after the President suspended the parliament and sacked the government which he deemed necessary to remove the political deadlock in the country.

Government of Pakistan to increase petroleum levy by 5 rupees each month beginning from 1 July

In order to avoid a foreign debt default, the Pakistani government is set to increase the petroleum levy by 5 rupees each month until it reaches up to 50 rupees, beginning from 1 July. This, amongst other levies, has been decided under the country’s agreement with the International Monetary Fund (IMF). The petroleum levy is also part of the revised upwards tax collection target for the coming fiscal year. Under this broad agreement between Pakistan and IMF,  the maximum threshold to be reached is 50 rupees per litre by March 2023. This petroleum tax will be laid in addition to other income taxes and form a part of the structural reforms. IMF will also finalise the net international reserves, domestic and foreign assets, and current account deficit targets with the country’s central bank.

Defence and Security

SANS Cyber Defence Singapore Security training will commence from 18-30 July

The SANS Cyber Defence Singapore Security training will be held from 18-30 July in Singapore. In addition to the physical gathering, the meeting will also be held virtually. The training session will offer extensive training to detect and avert cyber-attacks. It will also allow participants to earn Global Information Assurance Certification (GIAC) and hands-on practice. Training in hacker tools, security essentials and techniques, incident handling, threat hunting and digital forensics will be the core courses. Participants will have the chance to learn from some of the best industry experts. These courses will become a part of the regular training and courses offered by the SANS institute.

Pentagon expected to designate a lead agency for developing defences against cruise missiles by 31 July

The Pentagon will be committing an agency to oversee cruise missile defences by 31 July. This step was first mandated in the 2017 defence bill by Congress. The development of low-flying missiles with the capability of being launched from aircraft, ground or ships at hypersonic speeds is expected to become a serious challenge for the current defence systems used by the US. The increase in the lethality and sophistication of cruise missiles has prompted this decision. This will also follow the Biden administration’s request under the 2023 budget. This request has pushed for the inclusion of 278 million dollars of funding for strengthening homeland security through over-the-horizon radars for cruise missile defence.

Energy and Environment

Central Europe Towards Sustainable Building 2022 International Scientific Conference will be held in Prague from 4-6 July

Central Europe Towards Sustainable Building 2022 International Scientific Conference will be held in Prague from 4-6 July. The conference will follow the broad theme of sustainable development trends. It will cover materials and components for sustainable buildings, innovative systems and technologies, retrofitting the existing building stock and sustainable urban development. This will be the sixth issue of the international conference and help conduct dialogue on matters related to sustainable development. This conference will bring together a variety of international experts to address how urban development can be carried out using sustainable technologies, including improving the built environment’s resilience and adapting the design and operation of buildings to climatic goals.

High-level Political Forum on Sustainable Development (HLPF) 2022 will be held from 5 July

The tenth session of the HLPF will be held under the Economic and Social Council in New York, United States, from 5-15 July. It will focus on a detailed review of the five Sustainable Development Goals, including SDG14, life below water. It will address a wide array of environmental issues, including biodiversity, sustainable development, oceans and coasts, and desertification and land degradation. In addition, this year’s HLPF will also address SDG 15, life on land. SDG 5 on gender equality and SDG  4 on quality education will also be part of the forum. This year’s edition will follow the theme of “Building back better from the coronavirus disease (COVID-19) while advancing the full implementation of the 2030 Agenda for Sustainable Development”.

Trade and Economics

International Conference on Management, Business, Economics and Finance to be held in Stockholm from 12-13 July 2022

The International Conference on Management, Business, Economics and Finance will be held from 12-13 July 2022 in Stockholm, Sweden. It will be organised by the World Academy of Science, Engineering and Technology. It will cater to the broad areas of economics and management engineering. Among the main themes, the conference will address decision-making, digital economy, corporate finance and banking. Other topics to be discussed at the convention will include change management, communications management and cost management. The conference will bring together practitioners and academicians to discuss ideas related to these disciplines and will culminate in the publication of several relevant papers to guide policy and practice.

Saudi Exchange to launch Single Stock Futures Contracts on the 4 July 2022

On 4 July, the Saudi Exchange will be launching the contracts for the Single Stock Futures (SSFs), the second Derivatives product to be introduced in the Saudi Exchange. This launch will help diversify the Saudi Capital Market. The launch will complement and strengthen the market through a hedging tool designed for managing risks and limiting losses. Investors will be able to trade the SSFs through registered Derivatives members. The assets will be based on certain criteria ensuring liquidity to meet market demand and effectively manage trading opportunities. The backing assets of the contracts include Ma’aden, Saudi Electricity, Almarai, and the Saudi National Bank, amongst others.

Social Issues

9th People, Place and Policy Annual Conference will take place at the Sheffield Hallam University on 6 July 2022

The 9th People, Place and Policy Annual Conference will be held at the Sheffield Hallam University, United Kingdom, on 6 July around the theme of “Breaking down barriers: increasing inclusion across society”. The conference will concentrate on helping to promote more inclusive societies by investigating the issues related to exclusion across the different populations. It will focus on various social issues, including social exclusion, economic development, transport, health, labour markets, poverty, and the welfare state. Other areas of interest will include the voluntary and community sector, housing, sustainability and social care, energy and the environment. The conference will bring together practitioners, researchers and policy makers to discuss contemporary research on social policy.

World Day Against Trafficking in Persons is set to be observed on 30 July

The World Day Against Trafficking in Persons will be observed worldwide on 30 July under the auspices of the United Nations to honour the victims of human trafficking. The United Nations aims to raise awareness and motivate action globally on the matter. It will also encourage vigilance and support against the practice of human trafficking. Thousands of trafficking victims lose fundamental human rights and freedoms when sold into forced labour, slavery or sexual exploitation each year. This year’s theme is set around “Victims’ Voices Lead the Way” and will give centre stage to the voices of survivors of human trafficking.


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