Backed by a high credit rating, advanced oil and gas production and storage capacity, and a deep sovereign wealth fund, Qatar was able to tap international debt markets to fund an effective economic response to the pandemic, while its relatively small population was well served by a modern health care system guided by clear government policy geared towards prevention as well as treatment.
– Economies in the region were hit by reduced trade volumes and lower oil prices
– Governments launched extensive stimulus packages to stabilise their economies
– Short-term recovery will be tied to oil prices and the resumption of travel
– The pandemic looks set to accelerate economic diversification efforts
Muted growth figures did not detract from a generally positive year for Qatar, in which new developments in liquefied natural gas (LNG) production were matched by broad-based expansion in non-hydrocarbons sectors.
It has been two years since three Gulf countries and Egypt placed an economic blockade on Qatar, to which Qatar responded by implementing a series of reforms, seeking out new trade partners and amplifying economic diversification efforts. How effective have these measures proved?
Mirroring a trend seen across the Gulf, two lenders in Qatar announced the country’s first bank merger in a move officials say will support economic growth and the development of the financial and private sectors.
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