By Standard Chartered analysis shows that Qatar is on course to increase its economy by 2031 and return government income to pre-oil price shock levels by 2014.
The UK-based bank stated in its most recent research that this recovery is evidence of the nation’s continued attempts to diversify its economy and its strategic location within the global energy market.
According to the report, Qatar can effectively take advantage of rising hydrocarbon prices because it is now the sixth-largest gas producer in the world and has the third-largest reserves of the fossil fuel.
According to Standard Chartered, the non-oil economy of the Gulf nation is likewise expanding gradually, accounting for two thirds of the GDP of the nation.
The World Bank predicted in April that Qatar’s GDP will grow by 2.1 percent in 2024 before accelerating to 3.2 percent in 2025. The International Monetary Fund stated in July that the country greatly elevated its global prominence in the economic landscape after hosting the FIFA World Cup 2022.
The recovery of Qatar’s government revenue to pre-2014 levels, according to Muhannad Mukahall, CEO and head of Standard Chartered’s Corporate and Investment Banking, represents a “significant milestone in its economic journey.”
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