File photo used for representation only.
The Budget for 2021 will spur Qatar’s economic growth that has been hurt by outbreak of COVID-19 pandemic. The budget for 2021 has allocated a significant amount of funds for several major projects in different sectors which, along with boosting demand, will help in job creation in the country.
According to the Planning and Statistics Authority (PSA), Qatar’s economy is expected to recover from the effects of COVID-19 pandemic in 2021 with a GDP growth of 2.2 percent. Spending by the government as per budget projections will play crucial role in this economic recovery. “Government spending will drive growth in Qatar not just next year but also in the next two-three years. A close look at the budget document reveals that the government has allocated a significant amount of funds for various projects in the infrastructure sector. Funds have been allotted for development of infrastructure to provide water and electricity, expansion of schools and educational institutions,” Chief Financial Officer of a Doha based group told The Peninsula. “Funds have also been allocated for expansion of Hamad International Airport, development of Doha Old Port, Hamad Port Food Security program, development of housing areas for nationals and other major projects. Government spending on the major projects will also lead to job creation which in turn will boost economic growth,” he added.
The total allocations for the Health Sector in the 2021 Public Budget are QR16.5bn and among the most important projects in health sector are expansion of Hamad Medical Corporation facilities and establishment of new Primary Care Centers. Similarly, QR25.4bn is allocated to develop major infrastructure projects, provide water and electricity networks, in addition to continuing the work of maintenance, development and expansion of roads. In education sector, QR17.4bn has been allocated and major projects in the sector include expansion and development of existing schools and educational institutions.
“One of the main outcomes of the budget is that these projects will enhance opportunities for private sector. We expect demand for manpower in Qatar will increase substantially in the coming months. There are many big projects mentioned in the budget. Some are existing projects while some are new projects and huge manpower will be required in coming days to finish these projects,” General Manager of manpower solution providing company told The Peninsula.
