Qatar growth ‘normalising’ after World Cup boom — IMF

The International Monetary Fund (IMF) said on Tuesday that Qatar’s economic growth has normalised in 2023 following the World Cup-driven boom.

The IMF added that the economy of the world’s top LNG exporter had a favourable medium-term outlook supported by LNG production expansion and intensifying reform efforts.

“Output is expected to expand by about 1¾ per cent per annum during 2023–25 with the non-hydrocarbon sector growing at 2¾ percent driven by domestic demand, including from the construction of the North Field expansion project, and robust tourism, boosted by the global visibility brought by the 2022 FIFA World Cup,” said the IMF’s Ran Bi.

“Medium-term growth is set to increase to around 5 per cent per annum supported by LNG production expansion and as reform efforts to achieve National Vision 2030 guided by the Third National Development Strategy (NDS3) start to bear fruit,” added Bi.

The IMF has further said that the Qatar Central Bank (QCB) has maintained price and financial stability, while inflation has moderated following monetary policy tightening in tandem with the US Federal Reserve. Qatar’s currency is pegged to the US dollar.

“Qatar is at an important juncture in shifting its growth model from one that is led by the state to a more dynamic and market-oriented one driven by the private sector,” said the IMF.