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Business leaders optimistic about Qatar’s economic prospects

Qatar's GDP is expected to climb to $201 billion in 2022

Business leaders optimistic about Qatar’s economic prospects
[Source photo: Anvita Gupta/Fast Company Middle East]

Most business executives in Qatar are optimistic about the country’s economic prospects. According to a new EY report, 82% of the executives interviewed have predicted Qatar’s economic growth to match or surpass projections during the next five years. 

Qatar’s GDP is expected to climb to $201 billion this year, a considerable increase from the $144 million reported in 2020.

Based on one-on-one interviews, EY’s Qatar Investment Outlook Pulse 2022 has revealed that businesses have been doing very well, with 60% of executives reporting that their investments have yielded favorable returns in the last 12 months.

Almost nine in 10 (91%) also expect their investment to be stronger than last year’s, despite 64% admitting having difficulty acquiring funds. 

According to the EY survey, 64% of respondents in the oil and gas industry and 45% in consumer services expect their industries to outgrow the general economy during the next five years. 

Interviewed executives were optimistic about investment performance over the coming 12 months, with 91% indicating that they expect their investment performance to improve relative to the previous year’s performance.

However, around 55% of interviewees had bearish sentiments relating to the construction sector’s growth, especially since most mega projects will be either complete or nearly complete in the coming months.

According to the report, recent initiatives and mega projects such as the development of Hamad Port Qatar Free Zones Authority (QFZA), the significant expansion of Hamad International Airport, the establishment of the Investment Promotion Agency, and the development of Media City as well as Doha Metro bolstered the resilience of the Qatari economy and aided in its sustained growth.

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