Qatar, 14 November, 2024 : The World Bank's Chief Economist for the Middle East and North Africa (MENA), Roberta Gatti, has projected Qatar’s economy will grow by 2% in 2024, with stable performance in the hydrocarbon sector and strong expansion in the non-oil sector, particularly tourism and construction.
Speaking to Qatar News Agency, Gatti highlighted that the hydrocarbon sector will remain a long-term driver, especially with upcoming liquefied natural gas (LNG) production projects set to begin in 2026. She also noted Qatar’s efforts to diversify markets, including securing key contracts with European countries and expanding into East Asia. The third National Development Plan is supporting diversification into tourism, IT, and other sectors.
Gatti also shared the World Bank’s forecast for MENA, projecting growth of 2.2% in 2024, up from 1.8% in 2023, driven by strong growth in GCC countries. However, growth in the region will remain below pre-pandemic levels, largely due to lower-than-expected oil production. Growth in GCC countries is expected to rise to 1.9% in 2024, supported by the expansion of the non-oil sector, particularly in Saudi Arabia.
Looking ahead, Gatti forecast MENA growth to accelerate to 3.8% in 2025, with stronger performance in GCC countries, driven by continued diversification efforts. She also noted that Egypt is expected to lead the growth of oil-importing developing countries.
Source : www.zawya.com
