Qatar is growing by leaps and bounds despite the unjust blockade with international agencies reaffirming the resilience of the economy. The Institute of International Finance noted that Qatar has successfully turned the crisis into an opportunity while the International Monetary Fund reaffirmed in a report that Qatari economy continued to remain strong and that the impact of economic blockade was fast fading.
Minister of Economy and Commerce H E Sheikh Ahmed bin Jassim bin Mohammed Al Thani, during the opening of the Qatar-Belgium Business Forum in Brussels, said the crisis provided the opportunity to make the Qatari economy more open to all countries and that Qatar has benefited from the opportunities provided by the unjust siege.
Sheikh Ahmed outlined Qatar’s position in the latest Global Competitiveness Index reports, stressing that the country ranked first in providing a safe business environment, stands second in the impact of tax on business, third in government procurement of high-tech products, and fifth in the availability of investment capital and the availability of scientists and engineers. According to the latest World Bank reports, Qatar’s real GDP growth is expected to rise to 2.6 percent in 2018. The unjust blockade has contributed to renewing the determination of Qatar to achieve sustainable growth and economic stability for its people.
The IMF report was full of praises. It noted that Qatar’s economy continues to adjust successfully to lower hydrocarbon prices and the country’s financial system remains sound. An infrastructure program worth $200bn, equivalent to 121 percent of Qatar’s 2017 GDP, is under way to diversify the economy and prepare for the FIFA 2022 World Cup. The IMF said Qatar’s medium-term macro-financial outlook is expected to remain broadly favourable and the GDP growth of 2.6 percent is projected for 2018. The economy remains competitive. The State acted as a catalyst for enhancing domestic food production and reduced reliance on a small group of countries. Qatar’s privatisation initiatives in health and education are steps in the right direction. The Qatar government also plans to set up special economic zones, which are expected to stimulate diversification efforts and encourage foreign direct investment.
Even IIF, in the latest research note on Mena, said the blockade has had a silver lining with Qatar motivating deeper trade and diplomatic ties with a wide range of partners beyond their immediate geographical neighbourhood, which could pay long-term dividends.
Qatar’s economy is on the upswing and growing at a fastest rate than ever in the region. Qatar is now stronger than ever, it is gaining new friends around the world, and has proven its credibility and economic strength.
