PwC Middle East recently released their third edition of its bulletin on Qatar’s economy. It pointed out the major factors that influenced economic transformation in the Gulf state. These major factors also fall in line with Qatar’s 2030 Vision.
Qatar’s economy had some challenges during 2020 and the first half of 2021, result in a total drop of -3.7%. However, with it’s energy sector growing consistently, the country’s economy is recovering.
The report noted, “Rapid vaccinations have brought the pandemic under control locally, with leading indicators in 2021 showing signs of a robust recovery. Higher energy prices, progress in the North Field LNG expansion, restored relations with neighbours and preparations for the World Cup next year are also powerful positive drivers for the economy in the near term.”
Additionally, Qatar recently signed contracts that allows them to increase production of liquid natural gas (LNG) with the largest LNG project, the $28.7 billion North Field Expansion project.
Purchasing Managers’ Index (PMI) indicated trends in the non-oil sectors that contributed to Qatar’s GDP. The country has 54 points in the first quarter. Furthermore,
Qatar’s tourism, trade, aviation, banking and financial services are expected to improve due to relations returning and amount of travellers from GCC countries increasing significantly.
The report by PwC Middle East said, “This is a time of transformation in the global economy, and policymakers and companies in Qatar need to get ahead of the emerging trends to position the country to be increasingly competitive in the post-pandemic world.”