Qatar’s economy to be fastest growing in GCC in 2023, 2024 – The Peninsula

Qatar’s economy to be fastest growing in GCC in 2023, 2024 – The Peninsula

Doha: Qatar’s economy is expected to witness growth this year and is forecast to be the fastest growing in the GCC in 2023 and 2024.

The real Gross Domestic Product (GDP) is projected to grow by 4.9 percent in 2022, followed by 4.5 percent and 4.4 percent respectively in 2023 and 2024, according to the latest report of the World Bank.

The stable and resilient economy of Qatar has been growing at a fast rate. The country’s high per capita income, vast hydrocarbon reserves, and strong economic fundamentals support its strong credit profile.

The World Bank’s latest Global Economic Prospects report for June has increased Qatar’s projected GDP growth for 2022 to 4.9 percent against a backdrop of decelerating GDP growth globally (2.9 percent). The report additionally reaffirmed its forecast that Qatar’s economy will be the fastest growing in the GCC in 2023 and 2024.

The output in the Middle East and North Africa (Mena) region is expected to expand by 5.3 percent in 2022—0.9 percentage point above previous projections, in part reflecting higher oil prices. This would be the region’s fastest growth in a decade. The economic recovery in Mena slowed briefly at the turn of the year as Omicron outbreaks sapped growth