International Finance
Economy Featured

Qatar’s GDP to grow by 3.2% in 2021: IIF

Qatar Economy_IFM_Image
Experts predict the GDP of the country to show a modest growth of 3.2% which will be supported by the strengthening of oil and gas prices

Predicting the post-pandemic boom for Qatar, the Institute of International Finance (IIF) stated that the country can expect a modest economic recovery in 2021, with the GDP growing by 3.2 percent, followed by a contraction of 3.7 percent in 2020.

After going through its fair share of losses, experts predict that Qatar is all set to rebound from the losses it suffered due to Covid-19. According to the Washington-based Institute of International Finance (IIF), Qatar is presently in a good position for a post-pandemic rebound, which will help in preserving public wealth.

The report also mentioned that beyond 2021, this post-pandemic economic boom will be supported by strengthening of oil and gas prices, getting back on the domestic demand of the progress made by vaccination, and the much-needed positive change seen in the geopolitical situation in the Gulf region.

In 2022, the growth will further advance with the aid of a significant increase in gas production and the expected boom in tourism due to the FIFA World Cup. Apart from that, Qatar is also seeking to make its position permanent as the world’s second-largest gas exporter and the largest exporter of LNG, thanks to its massive reserve and increasing global demand.

Earlier this year, Saudi Arabia, Bahrain, the UAE, and Egypt resolved their three-year blockade with Qatar, which resulted in the resumption of travel and trade between Qatar and its GCC neighbors. Additionally, the banking system has also remained quite resilient, thereby keeping the economy intact.

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.