A leading provider of economic analysis and forecasts, FocusEconomics has estimated Qatar’s Gross Domestic Product (GDP) to reach $208 billion in 2024 from the current year number of $162 billion.
The forecaster projects the nation’s GDP to be $174 billion next year followed by $185 billion in 2022 and $196 billion in 2023.
Nominal GDP Growth
FocusEconomics expected Qatar to attain a 5.9 percent growth in its nominal GDP from the current depression of -11.8 percent at the end of the year. It expects the nation to have consistent growth in nominal GDP until 2024 with achieving 7.2 percent growth in 2021 followed by 6.4 percent in 2022 and 6.2 percent in 2023.
Qatar’s current unemployment rate at 0.4 percent is expected to decrease consistently over the next several years to reach just 0.1 percent in 2024.
Signs of Recovery
Analysts at FocusEconomics witnessed a slight economic recovery in the third quarter of this year after extended COVID-19 containment measures, low energy prices and plummeting visitor arrivals caused a sharp decline of the economy.
The analysis shows that progressive lifting of lockdown restrictions has enabled most economic activity to resume yet capacity restrictions at stores and workplaces have restricted the potential growth prospects.
Purchasing Managers’ Index (PMI) for the non-energy private sector saw a considerable increase compared to the numbers in Q2 while industrial output was also up due to stronger energy production.
The hospitality sector “remained under pressure” due to low numbers of arrivals.
FocusEconomics expects the economy to depress this year due to lower tourism, domestic lockdown and lower energy prices. Recovery is widely expected to happen by 2021 as most of the restrictions are presumed to be eased or removed altogether.
The team at FocusEconomics remark the economy to have a 3.2 percent shrinkage in GDP this year before bouncing back with a 3 percent growth in 2021.