Qatar economy to grow 4.8% this year and 4.9% in 2023: World Bank

Qatar economy to grow 4.8% this year and 4.9% in 2023: World Bank

Qatar’s economy is expected to grow 4.8% this year and 4.9% in 2023, the World Bank has said in its latest forecast.

Qatar’s GDP growth next year will be the GCC’s best, the forecast has shown.

In 2023, Bahrain's economy has been forecast to grow at 2.9%, Kuwait (3%), Oman (4.1%), Saudi Arabia (2.3%) and UAE (2.9%).

Overall, the growth in Middle East and North Africa (Mena) region is expected to accelerate to 4.4% in 2022, an upward revision from June 2021 and moderate to 3.4 percent in 2023, World Bank said.

The gap in average per capita income between Mena and advanced economies is projected to widen during the forecast horizon, however.

Higher oil and natural gas prices and increased production are expected to benefit energy exporters. Saudi Arabia's oil sector is expected to rebound strongly, boosting exports, while non-oil activity should benefit from high vaccination rates and accelerating investment.

In Iraq, output is expected to expand by 7.3% in 2022 led by the oil sector. The growth rate in Iran in 2022 has been revised upward due to a gradual recovery in the oil sector and the easing of Covid-19 mobility restrictions.

The short-term outlook has also improved for oil importers, the World Bank noted.

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