Qatar’s economic growth to slow slightly to 4% this year

Qatar's economic growth to slow slightly to 4% this year

Qatar’s financial system is about to develop at 4% in 2023, which is decrease than the 4.75% growth clocked in 2022, however shouldn’t be worrisome as it’s momentary, Commonplace Chartered mentioned in a report.  

The financial institution mentioned Qatar ought to give you the chance to efficiently leverage the World Cup to develop its tourism sector and its standing as a sporting hub. It’s internet hosting 14 sporting occasions in 2023, together with System 1. The authorities plan to elevate the tourism sector’s GDP contribution to 12% by 2030 from 7% at the moment, by attracting 6 million guests per year by 2030, the report mentioned.

The fuel exporter can also be working to improve capability on the North Subject, to take pure fuel output to 126 million tonnes by 2026 from 77 million at the moment.

Investments in fuel growth is probably going to help exercise in different sectors, together with private-sector credit score growth, which accelerated to 17% year-on-year in January from excessive single digits all through 2022, mentioned Commonplace Chartered.

Muhannad Mukahall, CEO and Head of Company, Industrial and Institutional Banking, Qatar, Commonplace Chartered, mentioned: “With increased levels of uncertainty across the globe, no market will be immune to economic headwinds. That said, the data shows us that Qatar is well-placed to be resilient to these challenges.”

Different Gulf markets are anticipated to develop between 2%-3.5% in 2023, the report added.

(Reporting by Brinda Darasha; modifying by Seban Scaria)