Doha: Despite the repercussion of the COVID-19 pandemic, which continued to threaten the world’s economies during 2021, the Qatari economy recorded a remarkable positive performance at various levels due to rational policies, a flexible economic approach to crisis management, and forward-looking plans, which enhanced Qatar’s ability to quickly recover and adapt to changes, ensure business continuity and complete vital projects in the infrastructure sector and other sectors.
It was not surprising that Qatar ranked first in the Gulf region in COVID Economic Recovery Index, scoring four points, according to the global economic magazine ‘MEED’ published last August. The index confirmed that Doha is the holder of the highest score in the economic recovery index, as its revenues depend mainly on natural gas, not oil, making its financial position more robust.
This economic and financial performance was reflected in the reports of credit rating institutions, as the country maintained its high rank in credit ratings and a stable future outlook for its economy, based on its financial position, which provided it with protection from potential risks, as well as the continuous development of the energy sector.
In its latest reports, the World Bank also expected that the Qatari economy would grow by 3 percent in 2021 and accelerate its pace by 4.1 percent in 2022 and 4.5 percent in 2023 after absorbing the shocks caused by the pandemic and returning again to the growth trend.
The quarterly figures indicate that the country’s GDP achieved remarkable growth in the second quarter of 2021 at a rate of 5.4 percent, QR156.3bn, compared to QR148.3bn in the first quarter.
The contribution of the oil and gas sector accounted for 36.8 percent, a growth of 11 percent, while the total non-oil sectors accounted for 63.2 percent, with a growth rate of 2.4 percent.
The industrial sector, which is one the main forces of development, witnessed remarkable growth after its contribution to the GDP increased from 7.3 percent in 2020 to 8.7 percent in the first half of 2021, to occupy the fourth place as the highest contributing activity to the country’s economy during the current year. This reflects the efficacy of the measures taken by the State that supported the growth of various vital economic sectors in light of the steady steps towards achieving economic diversification in accordance with the determinants of the National Development Strategy and Qatar National Strategy for Manufacturing Industry 2018-2022.
In 2021, Qatar has strengthened its leadership position in the international energy markets and established itself as one of the most important suppliers of clean energy in the world. In this context, Qatar Petroleum announced the change of its name to Qatar Energy to reflect the major transformations in the energy industry locally and in line with global trends.
The company has signed agreements to build more than 100 new gas tankers until 2027, in parallel with a contract for the first phase of its North Field expansion project, which will raise the country’s production of liquefied natural gas to 110 million tons annually by 2025 and in light of the efforts to raise its production of liquefied gas to reach 126 million tons annually by 2027.
Qatar Energy has also signed, during current year, several agreements to carry out marine exploration operations off the Egyptian, Canadian, Cypriot and Namibian coasts and in two marine areas in the Republic of Suriname. It also signed a number of agreements to supply a number of countries with Qatari gas, including China, Pakistan and Bangladesh.
Source: The Peninsula Qatar