Qatar’s resilient economy – The Peninsula

Qatar’s resilient economy – The Peninsula

The resilience of Qatar’s strong economy has been once again been validated. The Arab Monetary Fund expects the Qatari economy to grow by 4.4 percent this year and 3.6 percent in 2023, supported by the boom in activities related to the country’s hosting of the FIFA World Cup Qatar 2022, and the growth of non-hydrocarbon activities, in addition to its vital role in the global gas market.

The fund said in a report that it expect inflation in Qatar will record about 4.3 percent during the current year. The report also expected that the growth rate of Arab economies would collectively be about 5.4 percent in 2022, compared to 3.5 percent in 2021.

The rise was driven mainly by an increase in global demand levels, high growth rates in the oil and gas sector, and the continuation of Arab governments to adopt stimulus packages to support economic recovery whose value exceeded $400bn during the period (2020-2022).

Data released from the Ministry of Finance showed that revenues of the oil and gas sector in the State of Qatar increased 67 percent in the first half of 2021. The oil and gas revenues increased to QR117.6bn, compared to QR70.4bn in the first half of 2021.