A general skyline view of Doha's West Bay business district.
Doha: Qatar’s economy shows promising signs as it bolsters with diverse global events including the regime’s efforts in building infrastructure facilities, expanding the North gas field, and hosting the 2023 AFC Asian Cup and the Asian games in 2030.
Surging numbers of tourists and investors were also embraced during previous events like the World Cup 2022 as many sectors including real estate and retail benefitted.
These stand-out initiatives have made the country one of the potential investment destinations in the Middle East.
While the events continue to take place in Qatar, GlobalData, a prominent data and analytics firm operating in worldwide sectors, reports that Qatar’s economy is assertive to grow by 3.1 percent with global events taking place in the years ahead.
In its recently launched report entitled “Macroeconomic Outlook Report: Qatar”, it states that the country has enhanced its economy and financial reserves having a strong oil and gas industry last year, and anticipates to be steady in 2023.
“The Middle East nation recorded substantial surpluses in both the fiscal and current account balances in 2021 and 2022, which are projected to rise further in 2023. The energy crisis that led European nations to stop relying on Russian gas has also enabled Qatar to consolidate its position as the world’s leading supplier of liquefied natural gas (LNG),” the report said.
In the provided data, last year, the mining, manufacturing, and utilities industry contributed 35.2 percent to the gross value added (GVA), followed by the construction industry by 12.6 percent and the wholesale, retail, and hotels industry by 9.1 percent.
The data also noted that in nominal terms, the three industries are expected to increase by 3.2 percent, 2.7 percent, and 5.2 percent in 2023, respectively.
“Qatar is also expanding its North gas field with six LNG trains that are expected to increase its LNG capacity from 77 million tonnes per annum to 126 million tonnes per annum by 2027,” it added.
During the third quarter of 2022, GlobalData Country Risk Index (GCRI) ranked Qatar as one of the low-risk nations (33/153) considering many factors marking it as one of the safest places to reside, invest and travel.
