The Qatar Economic Outlook Report 2020/2022 issued by the Planning and Statistics Authority showed the capability of the Qatari economy to recover in 2021, with an average annual growth of about 3.3 percent, a maximum of 5 percent, and a minimum of 1.5 percent.
According to the report, this growth will compensate for the contraction that occurred during the past months of this year, due to the impact of a large number of production and service activities by the Coronavirus pandemic. The report expected that this would lead to a decline in the average performance of the national economy in the current year by -3.1 percent, with a minimum of -2.2 percent and a maximum of -4.3 percent, in line with the expectations of the International Monetary Fund last April.
In this regard, the head of the Qatari Planning and Statistics Authority, Saleh bin Muhammad Al Nabit, explained that “the Qatari economy has proven over the past three years, its flexibility and ability to overcome the challenges of fluctuating global oil and gas prices, and the slowdown in demand for hydrocarbon products by countries that have commercial relations with Qatar. This is thanks to the adoption of effective economic policies,” stressing that “the Qatari economy has adapted to the structural changes in its production structure, such as the decrease in the construction sector’s contribution in favor of increasing the contribution of the services sector, as well as the stability of the productivity of the oil and gas sector (hydrocarbons) and the manufacturing industry."
Source (Al-Araby Al-Jadeed Newspaper, Edited)
