{"id":216829,"date":"2022-01-09T20:28:46","date_gmt":"2022-01-09T20:28:46","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=216829"},"modified":"2022-01-09T20:30:35","modified_gmt":"2022-01-09T20:30:35","slug":"economics","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/economics\/","title":{"rendered":"Economics: Qatar to see spending, surplus surge this year"},"content":{"rendered":"

The State of Qatar will witness an increase in the volume of public spending in the current year 2022, a report by Oxford Economics<\/a> said.<\/p>\n

Economics attributed this to the increase in oil and gas revenues during the current year.<\/p>\n

According to the report, Qatar based its 2022 budget on a conservative estimate of oil forecast at a price of $55 a barrel. And this is much lower than the average price of $71 that Oxford Economics expects.<\/p>\n

The institution expects a surplus of about 6% in the GDP in 2022 even with higher spending with the significantly high oil and gas prices.<\/p>\n

The latest figures indicate a surplus in the first nine months of 2021. And this surplus comes after Qatar recorded a fiscal deficit of 2.1% of GDP in 2020, the lowest in the Gulf Cooperation Council countries.<\/p>\n

According to the report, local banks are well-capitalized and profitable and have low levels of non-performing loans. Moreover, the central bank injected liquidity into the banking system as part of the 75 billion riyals ($20 billion) support package to offset funding pressures resulting from the pandemic, which was later extended for a year.<\/p>\n

Oxford Economics said the country’s non-oil sector grew at an average rate of 2.3% annually in 2018-2019.<\/p>\n

Data such as the November PMI, which was the highest recorded at 63.1, suggest that the recovery has gained strong momentum with the easing of restrictions. And with non-oil GDP growing 3.2% this year, activity continues to benefit from improved confidence and spending as well as expenditures on infrastructure projects ahead of the 2022 FIFA World Cup.<\/p>\n

According to the report, the medium-term risks in Qatar appear to be balanced, although COVID-19 infections may rise again, with the restoration of strict containment measures and a slowdown in the recovery process.<\/p>\n

The report noted that Qatar has approved various reforms to attract foreign capital, including a proposal to allow full foreign ownership of listed companies.<\/p>\n

This increases the chances of growth stronger than expected during the coming period, which will follow the hosting period of the 2022 World Cup.<\/p>\n","protected":false},"excerpt":{"rendered":"

The State of Qatar will witness an increase in the volume of public spending in the current year 2022, a report by Oxford Economics said. Economics attributed this to the increase in oil and gas revenues during the current year. According to the report, Qatar based its 2022 budget on a conservative estimate of oil […]<\/p>\n","protected":false},"author":4,"featured_media":216830,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[607],"tags":[684],"class_list":["post-216829","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-special","tag-qatar"],"yoast_head":"\nEconomics: Qatar to see spending, surplus surge this year | BNReport<\/title>\n<meta name=\"description\" content=\"BNReport| The State of Qatar will witness an increase in the volume of public spending in the current year 2022, a report by Economics said.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/economics\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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