QFC Authority Chief Executive Officer Yousuf Mohamed Al Jaida
DOHA: The Qatar Financial Centre, one of the world’s leading and fastest growing business and financial centres, has noted that the recently published IMF Executive Board 2018 Article IV Consultation with Qatar highlights the resilience of the Qatari economy.
The article described how Qatar’s economy has both absorbed the blockade and adapted and grown during that period. The key findings included: Growth performance remains resilient; the direct economic and financial impact of the diplomatic rift between Qatar and some countries in the region has been manageable; the near-term growth outlook is broadly positive, overall GDP growth of 2.6 percent is projected for 2018; and non-hydrocarbon real GDP growth is estimated to have moderated to about 4 percent in 2017 due to on-going fiscal consolidation and the effect of the diplomatic rift.
Yousuf Mohamed Al Jaida, Chief Executive Officer, QFC Authority said: “The recent IMF report is testament to Qatar’s strong economic performance despite the ongoing blockade. The key findings also found that Qatar’s banking sector remains healthy overall, reflecting high asset quality and strong capitalisation. As a financial centre that hosts some of the largest international banks and financial institutions, the financial services sector continues to be a key area of focus for the QFC.”
Al Jaida added: “As the country’s only business and financial centre, our overall strategy has always been to diversify the local economy and continue to attract FDI, so we are especially proud that the report showed a clear increase in non-oil revenue and we look forward to seeing this continue to rise in the years ahead.”
The IMF Executive Board supported Qatar authorities’ efforts to enhance economic diversification and promote private sector development. They welcomed reform efforts related to the labor law, privatisation, special economic zones, and increased foreign ownership limits.
