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Reports Indicate That The Crisis Will Just Have A Temporary Effect On Economy

Photo: Qatar Tribune

The economy of Qatar is likely to grow at 2.5% in 2017 and 3.2 percent next year, compared with 3.1 percent and 3.2 percent respectively in the previous survey conducted in June.

The economists believe that the crisis would only have a temporary effect on the country’s economy.

“Qatari officials will try to create confidence in the economy through plans to build food processing facilities near a new port and provide permanent residence for non-Qataris to attract investors and some skilled workers,” says William Jackson, an emerging market economist at Capital Economics.

Jackson and Farouk Sousse, a Middle East economist at Citigroup, said growth forecasts for 2018 were independent of whether the boycott had been lifted from Qatar.

Qatar’s economy will be the fastest growing among the GCC nations in spite of the crisis, as indicated by the growth rate of Saudi Arabia and UAE. While Saudi economy is expected to grow at 0.5 percent, UAE will be having a growth of 2 percent.

Sousse predicted that”the slowdown will disappear next year,” stressing that the roads and trade routes will be fully restructured, confidence in the Qatari economy will be restored.

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