Qatar real GDP to grow 2.5% this year, 3.7% in 2022: Oxford Economics

Qatar real GDP to grow 2.5% this year, 3.7% in 2022: Oxford Economics

* Oxford Economics upbeat on Qatar as the country prepares to stage the region's first ever FIFA World Cup in 2022 and opens the doors to global investment and workforce

Qatar’s real GDP has been projected to grow 2.5% this year and 3.7% in 2022, according to Oxford Economics.

In a report on Thursday, Oxford Economics said: “Our projections vary across economies given divergent growth strategies and different policy space. We are upbeat on the UAE and Qatar as they benefit from hosting international events (Expo and World Cup) and open the doors to global investment and workforce, while the Saudi National Investment Strategy supports its growth prospects despite scaling back of spending. Kuwait and Oman will find it harder to boost recovery against the backdrop of workforce nationalisation policies and limited budget headroom.”

Oxford Economics anticipate a “strong recovery in economic output” across the GCC in 2022, with GDP growing at 5.2%, almost twice the pace this year.

“It is challenging to forecast the impact of Omicron, given limited knowledge about the variant, but it is clear that downside risks stemming from the pandemic will linger for the foreseeable future.”

Oil sector performance, it said will lead the rebound next year, rising