The global "Standard Chartered" bank expects that Qatar's economy will grow by 3 percent during the current year, thanks to the Gulf rapprochement after the summit held in Saudi Arabia's Al-Ula province, which paves the way for a reconciliation that removes the effects of the three-year crisis. While the bank had expected Qatar's economy to grow 2.1 percent before the Gulf summit.
It is expected, according to "Standard Chartered" that the lifting of restrictions on trade and travel will give Qatar a boost to the current recovery of trade, tourism and logistics. Indicating that the lifting of restrictions on trade and travel to Qatar will also contribute to the recovery of trade in the UAE, indicating that among the other benefits is improved liquidity abroad in support of the abolition of the boycott, and a convergence between the spot price of the currency inside and outside Qatar.
According to "Standard Chartered", improved consumer and investor sentiment and a possible decline in geopolitical risks may positively contribute to the economic results, especially before important events such as the "Expo" that Dubai will host in October 2021, and the FIFA World Cup in 2022 in Doha (Qatar).
And the revised growth forecast for Standard Chartered is higher than what Qatar expected in the 2021 budget at 2.2 percent. The International Monetary Fund also expected a gradual recovery of Qatar’s economy during 2021, predicting real GDP growth of 2.7 percent, supported by increased gas production and the recovery of domestic demand.
Source (Al-Araby Al-Jadeed Newspaper, Edited)
