Abdul Hakeem Mostafawi (left), CEO at HSBC Qatar and Simon Williams, HSBC’s Chief Economist for Central & Eastern Europe, Middle East and Africa (CEEMEA)
Doha: Qatar’s economy is expected to grow by 3.3 percent in 2021, with the GCC region as a whole on course for 3.9 percent growth, according to HSBC economists who provided their outlook on global and regional economies at an online event yesterday.
The HSBC’s Global Economic Outlook virtual roadshow has come to Qatar, which saw the particicpation of 124 HSBC clients.
During the event, Simon Williams, Chief Economist for Central & Eastern Europe, Middle East and Africa (CEEMEA); Dominic Bunning, HSBC Senior FX Strategist, and James Pomeroy, HSBC Global Economist Director, gave their views on the impact of COVID-19 on the global economy and explored various factors influencing macroeconomic trends, fiscal policy, as well as oil and foreign exchange markets.
They also addressed the challenges and opportunities awaiting Qatar and the wider region in 2021.
Williams said: “We see Qatar growth rebounding to around 3.5 percent next year and, critically, look for further acceleration in 2022. The run-up to the 2022 FIFA World Cup should also anchor demand growth, as final-phase investment work is complete and the tournament itself is set to give a major lift to the export-orientated services sector.”
The event was held at a critical time for the global economy, with countries around the world heading into the end of the year with increasing COVID-19 cases and global consumer confidence, which had shown signs of strengthening, starting to wane. In the GCC, oil exporters have faced the additional challenge of low oil prices.
Abdul Hakeem Mostafawi, CEO at HSBC Qatar, added: “Qatar’s long-term fundamentals remain strong following the decisive policy response from the government to the immediate economic impact of COVID-19. It has been supportive and forward looking, in line with the economic development and diversification agenda that had been accelerating prior to COVID.”
The HSBC Global Economist Outlook roadshow is an annual event, which sees HSBC economists presenting in markets around the Middle East, North Africa and Turkey (MENAT), giving an update on their outlook on the global and regional economies.
