The strength and resilience of the Qatari economy was yet again the focus of attention in Washington when International Monetary Fund Deputy Managing Director Tao Zhang praised the economic policies taken by Qatar and its success in overcoming economic crises affecting the global economy.
The competitive advantages of the Qatari economy were discussed when the IMF organised a special seminar for the Qatari delegation at its headquarters in Washington, DC, to discuss the global economic situation.
Minister of Economy and Commerce H E Sheikh Ahmed bin Jassim bin Mohammed Al Thani met Tao Zhang on the sidelines of Qatar’s economic tour in the United States. Discussions centred on prospects for joint cooperation in the economic, trade and investment fields and means of developing them, in addition to reviewing the investment incentives and the unique elements of the Qatari economy, which will strengthen partnerships and attract US investments to open new markets in Qatar.
A visual presentation given by the IMF’s representative included a comprehensive analysis of the various development indicators in Qatar, as well as highlighting proposals to strengthen the position of the Qatari economy in the region and the world. Zhang presented a review of the economic reforms and progress carried out recently by Qatar. The presentation also addressed the performance of Qatar’s banking system during the siege, which proved strong and financial efficiency against geopolitical fluctuations. “Qatar adopted ambitious strategic plans to diversify its economy by increasing the non-oil sector’s macroeconomic contribution and reducing reliance on hydrocarbon revenues,” he said.
According to the latest report by IMF, Qatar’s real GDP growth is expected to rise from 2.5 percent in 2017 to 3.1 percent in 2018. Qatar absorbed the blockade’s economic shock very quickly. The State laid huge emphasis on self-reliance vis-a-vis focus on national products. All 2022 World Cup-related project are progressing as per schedule. The financial situation is stable and the country has maintained high international credit ratings. The economic roadshow program featured forums, bilateral meetings between Qatari and US businessmen, and organising exhibitions on the sidelines. It also included sector roundtables in the areas of real estate investment, hospitality, tourism, technology, health, pharmaceuticals, banking, legal practice, public-private partnerships and infrastructure projects.
The United States is one of the largest trading partners of Qatar, as the volume of trade exchange between the two countries reached about $6bn. In 2017, Qatar had 16 percent of imports from the United States, as the first source of imports. The number of US companies operating in Qatar, which have Qatari partners, is about 658, of which 117 are fully owned by US businessmen. The economic roadshow in US has proved to be a huge success. And praises by the IMF about Qatar’s ambitious strategic plans to diversify its economy says everything.
