Credit rating agency Standard & Poor’s expected Qatar’s gross domestic product to register a strong recovery by the end of this year 2021.
Standard & Poor’s said that Qatar’s gross domestic product by the end of this year will rise by no less than 655 billion riyals ($180 billion).
“Qatari’s domestic product will make a strong recovery compared to the level recorded last year, which was estimated at 526 billion riyals ($144 billion),” S&P said.
Standard & Poor’s
The Qatari domestic product will have achieved an increase of no less than 129 billion riyals ($35.5 billion), with a growth rate on an annual basis of no less than 24.52%, S&P said.
The US Agency also attributed this growth to the strong economic recovery achieved by the State of Qatar this year, at all levels, including commercial, financial and investment activities.
In the same context, Standard & Poor’s estimated that the level of economic growth this year will reach no less than 2.6%. It will jump strongly during the next year, to a level of not less than 4%.
S&P explained that the strong economic growth in the coming year will be supported by a number of factors, foremost of which is Qatar’s hosting of the 2022 World Cup.
Meanwhile, the World Cup is expected to have positive impact on many diverse commercial and economic sectors in Qatar, especially the tourism, hospitality and retail sectors, in addition to its long and medium-term role in attracting large and diverse investments.
Economy and World Cup
It is also estimated that the 2022 World Cup will attract at least one million visitors. Qatar is expected to achieve growth in international tourism revenues from 21.56 billion riyals ($5.9 billion) in 2020, to 31.26 billion riyals ($8 billion) in 2021.
The growth momentum will continue to reach 67.34 billion riyals ($18 billion) in 2022, and 76.48 billion riyals ($21 billion) in 2023.
While the World Bank had expected in a previous report that the State of Qatar would achieve during the year 2021, the gross domestic product for the current year estimated at 607.88 billion Qatari riyals ($167 billion).
Meanwhile, Qatar’s budget turned into a surplus during the first nine months of 2021, amounting to 4.9 billion riyals ($1.35 billion), from a deficit of 4.1 billion riyals ($1.13 billion) in the corresponding period of the previous year.