Doha, (Business News Report)|| Sheikh Tamim bin Hamad, Emir of the State of Qatar, expected the local economy to grow by 4.9% during the current year 2022, supported by high energy prices and the Qatar World Cup.
In an opening speech for the second session of the Qatar Economic Forum in Doha, the Emir of Qatar said that the rise in energy prices will not last long.
It should be noted that oil prices are heading towards quarterly gains, as traders assess the conflicting forces that have led to increased volatility.
Prices were supported by rising demand and supply disruptions spurred by the war in Ukraine. The Fed’s move towards tighter monetary policy has raised fears of an economic slowdown.
China’s accelerated exit from the pandemic-related closures supports crude’s gains.
The Emir of Qatar said: “We are aware that the rise in energy prices does not last. We have lived through long periods in which energy prices were low, and we were only compensated for this decline by rational policies and savings in the stages of price increases for the purpose of investment and diversification of sources of income.”
Qatar’s exports rose in April, as the world’s largest LNG exporter benefited from increased demand after the Russian war in Ukraine.
According to a statement issued by the Planning and Statistics Authority, total exports doubled to $11.9 billion from a year ago, with a 107% year-on-year growth. This resulted in a trade surplus of $9.4 billion during the month.
The Emir of Qatar attributed the expected growth of his country to the rise in energy prices, and the positive impact of the policies and measures adopted by the state with the aim of supporting the economic sectors, enhancing the capacity of the private sector to produce, and adapting to regional and global changes.
European countries are racing to find alternatives to gas from Russia, the continent’s largest supplier, after its invasion of Ukraine.
LNG imports from Qatar and the United States, the world’s largest exporters, are an essential part of this solution.
The Qatar Economic Forum will be launched in the Qatari capital, Doha, under the patronage of the Emir of the State of Qatar, Sheikh Tamim bin Hamad Al Thani.
The Qatar Economic Forum, in its second edition, in cooperation with Bloomberg, comes under the slogan “Achieving equality in the global economic recovery equation,” and will last for 3 days.