Qatar’s economy is stronger than ever, growing at a fastest rate than ever and has withstood all the pressures despite the unjust siege imposed on the country for over a year-and-a-half.
This was evident when Amir H H Sheikh Tamim bin Hamad Al Thani issued Law No. 23 of (2018) approving the State’s general budget for the year 2019 which projected a surplus of QR4.3bn.
The surplus, which is the first in three years, is a result of higher energy prices in international markets along with increasing non-oil revenues. The budget assumes an average oil price of $55 per barrel compared with $45 a barrel in the 2018 budget. In 2019, new projects with a total cost of QR48bn are expected to be awarded out of a portfolio of committed projects worth QR421bn. The award of new projects in various sectors is a welcome move. These new projects will boost economic growth in the country, especially in non-oil sectors.
Special focus continues to be on completing projects in leading sectors including healthcare, education and transportation, along with those related to the hosting of World Cup in 2022. The budget focuses on enhancing food security projects, and the establishment of infrastructure and facilities in free zones, special economic zones, and industrial and logistics zones. This focus will accelerate the pace of economic activity in the state.
Qatar is committed to exerting every effort in order to achieve Qatar National Vision 2030, which aims to position the State as a developed country capable of achieving sustainable development and allow its people a decent living. The budget focuses on providing the necessary funds for the development of new housing areas for nationals. The plan will cost QR12bn over five years. New land areas will be distributed to nationals gradually after the completion of required infrastructure, according to the approved timetable.
Qatar is growing by the day. New laws are in place to diversify the economy and attract foreign investments with key focus on achieving self-reliance in all sectors. All the negative impacts of the blockade have disappeared. All these reflect the strength of the economy and the rapid developments the state is witnessing thanks to the vision of the wise leadership that enabled the economy to achieve the desired growth rates and has made the country one of the fastest growing economies in the world.
Qatar has also maintained its leading position in the region by refusing to impose an income tax on citizens or residents, nor it will impose VAT in 2019. All these show that the country’s economy is even stronger than it was on June 5, 2017. All in all, the budget proves that the present and the future is bright for Qatar, its citizens and residents.
