Roberta Gatti, the World Bank’s Chief Economist for the Middle East and North Africa, has forecasted a 2% growth rate for Qatar’s economy in 2024.

This growth is driven by a stable hydrocarbon sector and robust performance in non-oil industries, particularly tourism and construction.

Gatti emphasized that Qatar’s ongoing diversification efforts, supported by the third National Development Plan, are targeting sectors such as tourism and IT to broaden the country’s economic base. She also highlighted that Qatar’s significant liquefied natural gas (LNG) production projects, scheduled to come online in 2026, will further strengthen long-term economic growth.

For example, Saudi Arabia’s non-oil private sector, which is expected to account for 51% of the economy next year, is projected to grow by 4.4%. However, growth across the GCC has been slower than anticipated, largely due to extended oil production cuts.

Developing oil importers are expected to see growth slow to 2.1% in 2024, down from 3.2% in 2023, while developing oil exporters are projected to experience a decline from 3.2% to 2.7% over the same period.

Despite these challenges, Gatti forecasts an acceleration in MENA’s growth to 3.8% by 2025, assuming no escalation in regional conflicts. Growth in the GCC is expected to strengthen to 4.2% in 2025, while developing oil exporters are predicted to see growth rise to 3.3%.

Egypt is poised to lead growth among oil-importing developing countries, with a projected growth rate of 3.5% in 2025, driven by increased investment and private consumption.