With countries globally put their might to fight COVID 19, economies have started showing sign of revival in the coming years.
International Monetary Fund has predicted that Qatar real gross domestic product (GDP) is expected to grow at 2.5% in both 2021 and 2022.
This comes at the time, when in its World Economic Outlook, the IMF has said that Qatar’s real GDP will plunge into negative territory and see a -4.5% change in 2020.
However, IMF said that Qatari economy is set to recover next year citing domestic and foreign demand.
At a recent webinar titled ‘2021 Economic Outlook’ hosted by Doha Bank CEO Dr. R Seetharaman said Qatar economy expected to contract by 4.5 % in 2020 and recover by 2.5 % in 2021.
Adding further, he said that Qatar and other regional economies had implemented various economic reforms to recover from the COVID 19 as oil fell this year. The emerging and developing economies are expected to recover by 6% in 2021, whereas, advanced economies growth is projected to grow by 3.9%.
As per Qatar Economic Outlook 2020-2022 released by Planning & Statistics Authority said that Qatar will achieve an average growth of about 3.3% having a range between a maximum of 5% and a minimum of 1.5% in 2021. The report also said that Qatar’s hydrocarbon exports will recover in 2021.
Commenting on the IMF outlook, Dr. R Seetharaman said that global growth is projected at 5.2 % in 2021 and advanced economies growth is projected to strengthen to 3.9%, whereas emerging and developing economies are expected to recover by 6% in 2021.
Focus Economics, a global economic analysis & forecasts service provider said in its report that Qatar will see a 2.9% rise in GDP in 2021, before growth of 3.6% in 2022.