FIFA World Cup: IMF realizes Qatar’s real GDP growth at 3.2% on higher gas prices, World Cup 2022
Qatar’s real GDP progress is probable to increase to 3.2 per cent in 2022 as the monetary recovery gains strength on the back of recovering domestic requests, higher hydrocarbon prices, and the groundwork for the FIFA World Cup 2022, rendering to the International Monetary Fund (IMF). The global fund had.
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Before pencilled in a 4 % GDP development rate for the gas-rich Arab state. The Qatari specialist’s strong answer to the epidemic has helped to minimalize the negative impression of the epidemic and facilitate the repossession, the global lender said in an end-of-mission statement on Tuesday.
The IMF side, led by Ran Bi, said: “The Qatari authorities’ swift and decisive response to the COVID-19 crisis has dampened its health and economic impact and paved the way for a speedy recovery, in addition, the comprehensive economic support package has provided much-needed relief to the most affected households and firms and ensured sufficient liquidity in the banking system.”
Near-term development will be increased by the Qatar Football World Cup 2022 and promising hydrocarbon bills. The ongoing LNG increase plan is likely to care medium-term forecasts, she added. Yet, problem risks to the outlook stem from possible new virus straining, geopolitical strains and conflicts, snugger and more volatile global financial situations and energy market instability. The fund advised that in the long run, while Qatar’s emphasis on LNG
Can help to ease the energy change course, there is the last risk that the global shift to repairs could reduce demand for hydrocarbon. On the state on the banking area in Qatar, IMF said it leftovers well exploited and liquid, with fairly low levels of non-performing loans (NPLs). However, to balance the need to facilitate the retrieval and to certify the banking sector forte, a sensibly calibrated exit from remaining support events is crucial.
“In this situation, the planned gradual reduction in the allocation for the zero-interest repo facility is welcome, while the strength of the economic recovery would allow the exit from the blanket loan moratorium beyond March we recommend replacing it with time-bound measures targeting distressed but viable borrowers,” she said.
“It became the first GCC country to abolish Kafala with a mandatory minimum wage and allowances for food and housing. Various reforms have been introduced to boost foreign and private investment and improve productivity and competitiveness.”
The story of the 2022 Article IV discussion, which was held between Qatar and the IMF from Feb. 13 to March 1, admired the Qatari establishment’s swift and decisive reply to the COVID-19 crisis which dulled its health and fiscal impact and paved the way for a speedy salvage. The statement also said Qatar has made growth in proceeding structural reforms throughout the pandemic. For more know about FIFA World Cup Tickets Click Here.
The IMF statement underscored that the financial retrieval in the State of Qatar is ahead strength on the back of recovering domestic claim, higher hydrocarbon prices, and the preparation for the Qatar FIFA World Cup, adding that the banking sector relics well-capitalized and liquid, with non-performing loans (NPLs) at fairly low levels.
The report noted that the State of Qatar has made commendable progress in advancing structural reforms during the pandemic. It became the first GCC country to abolish Kafala with a mandatory minimum wage and allowances for food and housing. In addition, various reforms have been introduced to boost foreign and private investment and improve productivity and competitiveness.
The IMF report also pointed to the recently launched National Environment and Climate Change Strategy envisages a 25 per cent reduction of trend greenhouse gas emissions by 2030. Strong reform momentum should continue to improve productivity and inclusiveness, further enhance the business environment and attract private investment, and embrace new global trends.
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