São Paulo – Qatar’s economic outlook is positive and the growth is expected to significantly recover in H2 2019, stated the governor of Qatar Central Bank (QCB), Abdulla bin Saoud Al Thani (pictured above) in an interview with Euromoney magazine, ahead of the latest edition of Euromoney Qatar Conference to run from December 8 to 9 in Doha. The news was reproduced by The Peninsula newspaper’s website.
Citing an International Monetary Fund (IMF) report, Saoud added that Qatar is expected to grow by 2% in 2019. According to him, the industrial production index, particularly manufacturing, has recently shown a marked improvement , and hydrocarbon production is also slated to increase later this year from a new project coming on stream.
QCB governor noted that the contraction in Qatar’s Q2-2019 Gross Domestic Product (GDP) growth (-1,4%) was due to a combination of global and domestic factors. He mentioned the global economic slowdown, which weigh on energy prices and imports of many advanced and emerging market economies, and the expected ongoing cyclical downturn in construction sector in Qatar.
Saoud believes that measures undertaken in the recent years are expected to boost economic growth and business. As per the latest IMF, Qatar’s GDP growth is projected to improve to 2.8% in 2020, which would be one of the fastest in the Gulf Cooperation Council (GCC). QCB president added that the economic growth is expected to be broad-based, driven by both hydrocarbon and non-hydrocarbon sector.
Qatar is the world’s largest gas exporter and is investing in increasing production. Qatar Petroleum CEO and minister of Energy, Saad Al-Kaabi, recently declared that the country will increase its liquefied natural gas (LNG) production from current 77 million tons per year to 126 million by 2027. Qatar will also host 2022 FIFA World Cup, which is expected to boost economy.
Translated by Guilherme Miranda
