Qatar’s economy is expected to recover from the effects of the COVID-19 pandemic in 2021 with a GDP growth of 2.2 percent.
Qatar , Qatar
13 December 2020, 12:00 AM
31 December 2020, 12:00 AM
According to economic indicators released as part of the 2021 Budget Statement by the Ministry of Finance (MoF), Qatar’s economy will recover from the effects of the COVID-19 pandemic in 2021 with a GDP growth of 2.2 percent.
The most important projects that will drive economic recovery are infrastructure projects, road networks, financing housing projects for nationals, and projects for developing public services such as healthcare and education.
The spread of COVID-19 virus and the decline in energy prices is expected to result in a decrease of 2.6 percent in real GDP in 2020, the ministry said citing PSA estimates.
In line with the strategy followed to prioritise public spending and in coordination with the Public Works Authority, a list of new projects approved for the state, which represent QR 53.9 billion, has been identified. These will be awarded from 2021 to 2023. These projects include the implementation and completion of the infrastructure in 6,165 plots to develop housing areas for nationals in different regions like Al Wukair South, Al Kheisa and South Sumaysimah.
Focus also continues on education and healthcare sectors, where the allocations are 8.9 percent and 8.5 percent of total expenditures respectively.
The education sector allocations amounted to QR17.4 billion in the 2021 budget, which represents 8.9 percent of total expenditure. An amount of QR13 billion has been allocated to the culture and sports sector in the 2021 budget as it has been witnessing exceptional progress that includes the completion of eight stadiums for the 2022 World Cup, the state’s most important upcoming international event.