DOHA: Qatar’s diversifying economy is reaching the key milestone of the non-hydrocarbon sector being worth more than half of the country’s GDP by 2015, said top economists leading up to a major financial conference in Doha next week.
In 2012, Qatar’s GDP was $192bn, with the hydrocarbon (oil and gas) sector accounting for 58 percent. Driven by infrastructure mega projects for FIFA World Cup 2022, Qatar’s non-hydrocarbon sector is slated to grow from 42 percent in 2012 to more than 50 percent by 2015, according to QNB Group.
Qatar’s real GDP is expected to grow by 6.5 percent in 2013 and 6.8 percent in 2014, with Qatar adding 240,000 jobs by 2014.
Joannes Mongardini, head of Economics, QNB Group, said: “The Qatar economy is booming and entering a new phase of economic growth predicated on diversifying its economy away from the traditional gas and oil sector, the so-called hydrocarbon sector. Large investments in construction, transport, real estate and petrochemical sectors will result in double-digit growth of the non-hydrocarbon sector over the next few years.”
QNB Group’s positive outlook on Qatar’s financial future is shared by many international firms attending the Euromoney Qatar Conference, where they will influence the new generation of key financial players from the GCC and beyond.
Euromoney Qatar Conference delegates will be able to gain further insights into how Qatar’s evolving governmental structure and new regulations affect the economy, and for predictions on the path of the country’s financial future.
Qatar is one of the most talked-about countries in the financial sector, as the country was recently named the Middle East’s most competitive by the World Economic Forum, and Qatar will be upgraded from “frontier market” to “emerging market” status by the MSCI in May 2014.
Mongardini added: “While the government clearly has a key role to play in infrastructure development, other sectors are mostly going to benefit from private sector investments. We would also expect small- and medium-sized enterprises, such as hotels, medical services, retail, and restaurants, to flourish in order to cater to the growing population.”
QNB Group, the GCC’s fastest-growing bank and the largest bank in Mena, is the senior lead sponsor of the Euromoney Qatar Conference, as part of its commitment to fueling interest in regional investment opportunities and sponsoring exhibitions to stimulate growth.
Held under the patronage of H E Abdullah bin Nasser bin Khalifa Al-Thani, Prime Minister and Interior Minister, the Euromoney Qatar Conference is being co-hosted by Qatar Central Bank.
The Peninsula
