76872
Qatar Economy Could Grow 3.1% in 2018
Qatar Economy Could Grow 3.1% in 2018

Qatar Economy Could Grow 3.1% in 2018

Qatar Economy Could Grow 3.1% in 2018

Despite the economic blockade imposed by its neighbors and a plunge of crude prices, Qatar’s economy is still projected to expand by 3.1% in 2018 up from 2.5% in 2017.
The real GDP growth is expected to pick up on account of recovery in global crude oil prices and their positive spillover effects on both hydrocarbon and non-hydrocarbon GDP, Governor of Qatar’s Central Bank, Sheikh Abdulla bin Saoud al-Thani told the press, Reuters reported.
In the non-hydrocarbon sector, the construction sector is expected to drive the growth, offering large opportunities for investment in projects related to the 2022 FIFA World Cup.
Qatar has recently announced a visa-free entry program for 80 nationalities to stimulate the tourism sector.
“The available data shows inflation to remain benign in 2017 as well as in 2018, while our current account is poised to record considerable surplus. The fiscal consolidation process is expected to bring in some stability to the economy by underpinning oil and non-oil revenues,” Sheikh Abdulla said.
The trade, tourism and banking sectors have been worst hit by the restrictions put in place since June by Saudi Arabia, the United Arab Emirates, Egypt and Bahrain, according to Moody’s.
It estimates that about $30 billion has flowed out of Qatar’s banking system and expects further withdrawals.
The Qatari government stressed that it had sufficient resources to defend its economy during the crisis with Persian Gulf Arab neighbors, but foreign investors took flight with no progress being made towards a resolution.
The four Arab states are trying to destabilize Qatar’s riyal but efforts to drive down its value could backfire by hurting other dollar-linked currencies in the region, a Qatari central banker said.
Khalid Alkhater, currently in Britain on leave from the central bank, was commenting on moves by Saudi-led blockade. Doha’s rivals say it supports terrorism, which it denies.
“Its deliberate economic warfare, a strategy to cause fear or panic among the public and investors to destabilize the economy,” Alkhater told Reuters in a telephone interview, saying he was giving his personal views.
Most independent analysts think its economy, with huge gas and financial reserves, can weather the storm and do not see any serious risk of a devaluation of the riyal, whose dollar peg of 3.64 riyals has been enshrined in law since 2001.

Short URL : https://goo.gl/aYdYyB
  1. https://goo.gl/eYwKoK
  • https://goo.gl/LnsxBs
  • https://goo.gl/owaMBx
  • https://goo.gl/XKB91u
  • https://goo.gl/aQ6wpH

You can also read ...

Bithumb Hacked, $32m in Cryptocurrency Stolen
Cryptocurrencies dropped after the second South Korean...
Washington in March imposed tariffs of 25% on steel and 10% on aluminum, in a move mainly aimed at curbing imports from China.
Russia said on Tuesday it would impose import duties on US...
World Shares Snap Five-Day Losing Streak
World stocks steadied near three-week lows on Wednesday and...
Saudi Arabia, which employs about two-thirds of its citizens, is chipping away at a budget deficit that ballooned to almost 16% of GDP after the oil shock of 2014, while FDI slumped more than 80% last year.
Show up, swipe in. The routine is familiar to office workers...
European businesses say it has become harder to do  business in China over the past year.
European companies complain they still face a tough business...
South Korea to Grow 3 Percent
The Organization for Economic Cooperation and Development has...
Australian Telecom Co. to Axe 8,000 Jobs
Australia’s dominant telecommunications company Telstra...
Egypt to Get $2b From IMF in July
Egypt is set to be given the fourth $2 billion tranche of the...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus