DOHA: The Arab Monetary Fund (AMF) expected the Qatari economy to grow by 4.4 percent this year and 3.6 percent in 2023, supported by the boom in activities related to the countrys hosting of the FIFA World Cup Qatar 2022, and the growth of non-hydrocarbon activities, in addition to its vital role in the global gas market, which enhances prospects for Growth of the local economy.
AMF said in a report released today that it expect inflation in Qatar will record about 4.3 percent during the current year, and that it will decline to 3.5 percent during the next year, as it expected that the Gulf Cooperation Council countries will achieve Arabia, a relatively high growth rate this year, at about 6.3 percent, compared to 3.1 percent last year, due to a sum of factors supporting growth in both the oil and non-oil sectors, and the positive impact of the applied economic reforms, in addition to continuing to adopt stimulus packages supportive of recovery from theCOVID-19 pandemic, it is likely that the growth rate of the groups countries will decline to 3.7 percent in 2023.
The report also expected that the growth rate of Arab economies would collectively about 5.4 percent in 2022, compared to 3.5 percent in 2021.
The rise was driven mainly by a rise in global demand levels, high growth rates in the oil and gas sectors, and the continuation of Arab governments to adopt stimulus packages to support economic recovery whose value exceeded $400 billion during the period (2020-2022), in addition to the positive impact of implementing many economic reforms and strategies aimed at enhancing levels of economic diversification, reforming business environments, and encouraging the role of the sector private sector, supporting human capital, and increasing levels of economic resilience in the face of shocks, while a decline in the pace of economic growth is expected for Arab countries as a group to record about 4 percent in 2023, in line with the decline in the global economic growth rate and the expected decline in commodity prices. The effect of the gradual withdrawal from the expansionary fiscal and monetary policies that support the aggregate demand side.
