Qatar executives optimistic about future economic growth, reveals EY report

Qatar executives optimistic about future economic growth, reveals EY report

The report is based on extensive one-on-one discussions, from Q4 2021 to Q1 2022, with executive decision-makers across the largest businesses in Qatar.

The country’s GDP is expected to rise to QAR764bn this year, significantly up compared to the QAR525.7bn reported in 2020, when the country was in the grip of the Covid-19 pandemic. Oil and gas and consumer services had the most positive sentiments, with respectively 64 per cent and 4 per cent of interviewees expecting the sectors to outgrow the general economy over the next five years.

Ammar Sudki Hattab, Qatar country market leader, EY, said: “Qatar has shown great resilience in the face of many challenges and has resolutely navigated regional and global events, particularly the Covid-19 pandemic, which was brought under control through an efficient and agile vaccination programme. This has instilled great confidence in executives and investors, despite the ongoing global economic headwinds, with optimism around the promise of more opportunities throughout the country.”

Around 55 per cent of interviewees had bearish sentiments relating to the growth of the construction sector, especially since most mega projects will be either complete or nearly complete in the coming months.

New mega projects, however, such as the postponed Sharq Crossing, the planned