The Planning and Statistics Authority (PSA) issued on Sept 8th, 2020, the Qatar's Economic Outlook Report 2020-2022 – Issue No. 12 - in which it reviews the developments of the national economy for the past two years 2018-2019, and analyses the current situation and the impact of the Covid-19 spread during the first half of 2020. This issue also provides a foresight of prospects for the period 2020-2022.
In general, these consensual forecasts refers to the recovery of the national economy in 2021, with an average annual growth of about 3.3%, with a maximum of 5% and a minimum of 1.5%. Such expected growth will compensate for the contraction that occurred in 2020 due to the impact of COVID on a large number of production and service sectors with an expected decline of negative 3.1% with a negative lower limit of2.2%, and negative upper limit of 4.3%, mainly the later as expected by the International Monetary Fund in April 2020.
H.E. Dr. Saleh Al Nabit, President of the Planning and Statistics Authority, stated that: "During the past three years, the national economy demonstrated its resilience and ability to overcome the challenges related to volatility of global oil and gas prices and the slowdown in demand for hydrocarbon products by countries that have a commercial relationship with the State of Qatar thanks to the adoption of effective economic policies”.
H.E. Dr. Saleh Al Nabit added that: "The national economy has also adapted to the changes in its production structure, such as the low contribution of the construction sector in favor of increasing the contribution of the services sector, and the stability of the productivity of the oil and gas sector (hydrocarbons) as well as the manufacturing sector".
