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Standard Chartered: Qatar on Track to Double Economy by 2031
Standard Chartered's "the Bank" recent global research highlights Qatar's ability to restore government revenues to pre-2014 oil price shock levels and notes that it is on track to double the size of its economy by 2031.
This significant recovery is a testament to Doha's strategic positioning within the global energy market and its ongoing efforts in economic diversification.
Chief Executive Officer and Head of CCIB at Standard Chartered Muhannad Mukahall said: "Qatar's return to pre-2014 government revenue levels marks a significant milestone in its economic journey."
"However, this achievement was neither coincidental nor accidental but in fact strategically driven by a combination of higher hydrocarbon prices, increased global demand for LNG, and substantial economic diversification efforts within sectors such as manufacturing, tourism, and finance. This is a remarkable turnaround and one that is welcome as we continue to face volatile oil prices and an ever-shifting, vulnerable geopolitical landscape," he added.
The report pointed out the pivotal role played by the State of Qatar in the liquefied natural gas (LNG) market, as the increase in oil and gas prices, along with the rise in hydrocarbon prices and the increase in global demand for energy, contributed to strengthening this strong economic recovery.
QNA 20/08/2024
