Standard Chartered: Qatar economic growth forecasted to be highest in Gulf

Standard Chartered: Qatar economic growth forecasted to be highest in Gulf

- Temporary growth slowdown “not worrisome”

Doha, Qatar – Standard Chartered announced today its Africa and Middle East macroeconomic report for Q2 2023, which highlights that Qatar’s economic growth for 2023 is expected to be at 4.0%. Although somewhat lower than 4.75% in 2023, the report highlights that the temporary growth slowdown is “not worrisome”. Other Gulf markets are expected to grow between 2%-3.5% in 2023.

The report highlights that Qatar should be able to successfully leverage the World Cup to expand its tourism sector and its standing as a sporting hub. It is hosting 14 sporting events in 2023, including Formula 1. The authorities plan to raise the tourism sector’s GDP contribution to 12% by 2030 from 7% currently, by attracting 6 million visitors per year by 2030. Qatar is also working on a c.64% capacity increase at the North Field, to take natural gas output to 126mn tonnes by 2026 from 77mn currently; phase 1 (110mn tonnes) is due for completion by 2025. Investment in gas expansion is likely to support activity in other sectors, including private-sector credit growth, which accelerated to 17% y/y in January from high single digits throughout 2022.

Commenting on the report, Muhannad Mukahall, CEO and Head