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19-04-23

Qatar's Economy Projected to Grow at 4 Percent in 2023 Despite Temporary Dip

(MENAFN) According to a report released by Standard Chartered, Qatar's economy is projected to grow at 4 percent in 2023, down from 4.75 percent recorded last year. While this reflects a 0.75 percentage point drop, the British multinational bank said the forecast is only temporary as Qatar should build on the 2022 World Cup to further expand its tourism sector. The Qatari authorities are planning to boost the sector's contribution to the gross domestic product to 12 percent by 2030, up from 7 percent currently.

To achieve this, the authorities are seeking to attract as many as 6 million visitors by 2030, with Qatar hosting up to 14 sporting events this year alone, including a Formula 1 race. The bank stressed that Qatar is also working on raising the capacity at the North Field in an attempt to increase natural gas output to 126 million tons, up from 77 million tons currently. Investments in gas expansions are expected to back other sectors such as private sector credit growth, according to Standard Chartered.

CEO and Head of Corporate, Commercial, and Institutional Banking at Standard Chartered Muhannad Mukahall said, "With increased levels of uncertainty across the globe, no market will be immune to economic headwinds." He added that the data shows Qatar is well-placed to be resilient to these challenges.

After 12 years of preparation to host the FIFA World Cup, the country is focusing on maintaining its momentum and boosting its tourism and cultural industries. "The World Cup, to us, was a bonus on top of what we were already doing in the cultural realm," Reem Al-Thani, acting deputy CEO of exhibitions and marketing for Qatar Museums, told Arab News in March. Much of Qatar's tourism and cultural boom, said Al-Thani, is part of the Qatar National Vision 2030 strategy, which was formalized in July 2008.

Despite the temporary dip in economic growth, Qatar's focus on diversifying its economy and expanding its tourism sector shows promise for continued growth and resilience in the face of global economic challenges.
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