Qatar expected to double its economy by 2031: Standard Chartered analysis report…

Last updated on August 22nd, 2024 at 09:58 am

Qatar is on track to restore government revenues to pre 2014 oil price shock levels and double its economy by 2031 according to an analysis by Standard Chartered.

In its latest report, the UK based bank stated that this recovery is a testament to the country’s strategic positioning within the global energy market and its ongoing efforts for economic diversification.

The analysis highlighted that Qatar is currently the sixth largest gas producer in the world and holds the third largest reserves of oil allowing the nation to leverage rising hydrocarbon prices effectively.

Standard Chartered said the Gulf country’s non-oil economy is also growing sideways steadily, with the sector contributing two thirds of the country’s GDP. The nation significantly boosted its global profile in the economic landscape after hosting the 2022 Fifa World Cup, while in April the IMF forecast the country’s economy would grow by 2.1 percent in 2024, accelerating to 3.2 percent in 2025.

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According to the World Bank, the oil price plunge from 2014 to 2016 was one of the largest crude price declines in modern history, with growing US shale production playing a role in this dip.

The latest analysis revealed that rising oil demand and the projections of Brent prices hitting $100 per barrel by the end of this year could help Qatar boost its revenues.

Standard Chartered said Qatar’s strong growth in the liquified natural gas sector will also contribute to the nation’s economy in the coming years.

The country plans to increase output of the North Field by 85 percent by 2025. This expansion is expected to nearly double natural gas output by the end of 2030 from the current 77 million tons per annum.