As the vaccine makes its way into Qatar and the world, hopes for better economies rise
Qatar’s international trade surplus hit QR 9.1bn in November, a 28.6% increase from October 2020.
While there has been an increase in the total value of international imports and exports since last month, November 2020 has seen 27.4% decrease since November 2019.
The total value of exports (domestic origin and re-exports) reached QR 16.6bn, while the total value of imports was QR 7.5bn.
The decrease in exports and their value is primarily due to the low prices of petroleum due to the COVID-19 crisis. In November, the value of gaseous hydrocarbon exports was QR 9.5bn, crude oils reached QR 2.5bn and non-crude oil reached QR 1.4bn.
Japan was at the top of the list of destination export countries with 18% of the total exports, followed by China with almost QR 2.7bn and a share of 16.5 percent, and South Korea with about QR 2.3bn, a share of 13.9 percent.
The pandemic which has had a major impact on economies across the world, led to unprecedented setbacks that hit Doha as a leading oil and gas exporter. Despite this, the state’s economy has witnessed a remarkable recovery in recent weeks in what experts described as “unmatched” in the region.
Qatar’s GDP may scale up to $208bn in 2024 from $162bn this year, an increase of almost 30% over four years, according to FocusEconomics, a leading provider of economic analysis and forecasts.
Next year, Qatar’s GDP shows a 7.2% projected increase to reach $174bn, followed by a further 6.4% to reach $185bn in 2022 and another 1.9% increase to hit $196bn in 2023.
Two other economic indicators, the rate of inflation and that of unemployment, also point to a healthy and growing economy over the next few years.
According to the report, the country’s inflation will be -1.8% this year, likely due to the COVID-19 pandemic, 1.2% in 2021, 1.7% in 2022, 1.8% in 2023 and 1.9% in 2024.