Qatar's economic growth to slow slightly to 4% this year

Qatar's economy is set to grow at 4% in 2023, which is lower than the 4.75% growth clocked in 2022, but is not worrisome as it is temporary, Standard Chartered said in a report.  

The bank said Qatar should be able to successfully leverage the World Cup to expand its tourism sector and its standing as a sporting hub. It is hosting 14 sporting events in 2023, including Formula 1. The authorities plan to raise the tourism sector’s GDP contribution to 12% by 2030 from 7% currently, by attracting 6 million visitors per year by 2030, the report said.

The gas exporter is also working to increase capacity at the North Field, to take natural gas output to 126 million tonnes by 2026 from 77 million currently.

Investments in gas expansion is likely to support activity in other sectors, including private-sector credit growth, which accelerated to 17% year-on-year in January from high single digits throughout 2022, said Standard Chartered.

Muhannad Mukahall, CEO and Head of Corporate, Commercial and Institutional Banking, Qatar, Standard Chartered, said: “With increased levels of uncertainty across the globe, no market will be immune to economic headwinds. That said, the data shows us that Qatar is well-placed to be resilient to these challenges.”




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