The Gulf state is also expected to enjoy 4.1% in growth in 2022 that is set to increase even further the year after.
Qatar’s economy is projected to grow by 3% this year before accelerating to 4.1% in 2022 and 4.5% in 2023, according to the World Bank.
The Gulf state is also expected to post a “strong growth rebound” with LNG demand in South and East Asia according to the GEU, the World Bank’s Gulf Economic Update (GEU) said.
Gulf Co-operation Council (GCC) economies are expected to return to an aggregate growth of 2.2% in 2021 following a year of economic distress as the world economy recovers. Global oil demand and international oil prices are also looking positive following the decline.
However, fiscal deficits are projected to persist for most of the forecast period. The GCC countries with the largest deficits in 2020 – Kuwait, Bahrain, and Oman – are expected to remain in deficit until 2023, but at narrower ratios…