Qatar’s Economic Growth Expected to Reach 4.0% in 2023: Standard Chartered Report

The country may record a growth of 4.0% in the current year 2023, down from the rate of the previous year, which reached 4.75%.

Temporary growth slowdown ‘not cause for concern’

Doha, Qatar : Today, Standard Chartered announced its economic report for Africa and the Middle East for the second quarter of the current year 2023. The report highlighted expectations that the economic growth rate in Qatar for the year 2023 will reach 4.0%. Although it decreased somewhat from its level for the past year 2022, which recorded 4.75%, the same report indicated that the temporary slowdown in growth “does not seem to cause concern.” He also expected other Gulf markets to grow at varying rates ranging from 2% to 3.5% for this year.

The report stated that the State of Qatar should benefit in successful ways from the World Cup to expand the tourism sector and its position as a global sports destination, especially as it will host 14 sporting events in 2023, including the Formula 1 car race. The concerned institutions in the country plan to raise the contribution of the sector. Tourism in the gross domestic product to 12% in 2030 from its current share of 7%, and it can achieve this goal by attracting 6 million visitors annually by 2030. Qatar is also working to develop the production capacity of the North Field by 64%, to raise production natural gas to 126 million tons by 2026 from 77 million tons currently The first phase (110 million tons) is scheduled to be completed in 2025. Investment to expand gas production is likely to be a supportive factor for activities in other sectors, including sector credit growth Private, which rose to 17% on an annual basis in January, after it was recording a single digit high throughout 2022.

Commenting on the report, Mohanad Mokahl, Chief Executive Officer and Regional Head of Client Coverage for Commercial and Institutional Banking at Standard Chartered Qatar, said: “With increasing levels of uncertainty around the world, no market will be sufficiently immune from economic headwinds. However, the data shows us that Qatar is in a good position and can withstand these challenges.”

The report also dealt with other areas, including foreign currency reserves in Qatar, and some of the risks facing the Qatari economy and banking sector. The Africa and Middle East Regional Focus Report covers the economies of 24 countries and is part of the Global Focus Report for Standard Chartered.

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