Cairo – Projections by different institutions and international banks were consensual, estimating Qatar’s economy could achieve a positive growth rate this year, with an average of 2.8%. Estimates ranged from a maximum of 3.7% to a minimum of 1.6%, with a standard deviation of 0.6%.
According to the Qatar Economic Outlook Report 2021-2023, issued by the country’s Planning and Statistics Authority, the forecasts are based on the expected upturn in exports of hydrocarbons, a product of the energy sector.
Projections pointed to an increase in the financial flow and surpluses in the balances of payments and public finances, which would allow the government to finance a significant number of development projects. The movement could boost the confidence of the public and private sectors, stimulating investment and consumption demand, thus generating economic growth.
The forecasts showed the Qatari economy is still subject to foreign inflationary pressures due to dependence on international trade, which has increased costs.
Estimates for the 2022 gross domestic product (GDP) point to an average growth of 3.7%, ranging from a maximum of 4.5% to a minimum of 2.5%. The number will depend on several activities expected to grow due to the Qatar World Cup, to take place during the last months of 2022.
Regarding expectations for the current payment balance, most institutions point to a surplus in 2021 and 2022, with a rate of 5.8% and 5.6% of the GDP, respectively, and an upper bound of 9.8% from the previous year.
Translated by Elúsio Brasileiro
