Qatar’s economy to expand 2% as LNG, tourism drive growth, IMF says.

Qatar’s real gross domestic product is projected to grow by 2 percent in 2024-25, supported by public investment, liquefied natural gas spillovers, and a strong tourism sector, the International Monetary Fund said.

The IMF expects the Gulf nation’s medium-term growth to average 4.75 percent, driven by a substantial increase in LNG production and early benefits from reforms under the Third National Development Strategy.

The fund also said that Qatar’s inflation is expected to ease to an average annual rate of 1 percent in 2024 before stabilizing at around 2 percent over the medium term, reflecting broader economic trends rather than short-term price fluctuations.

The country’s annual inflation rate slowed to 0.24 percent in December from 0.95 percent in November, according to Consumer Price Index data released in early February. The IMF’s outlook suggests that inflation will remain at a moderate level in the coming years.

“With lower hydrocarbon prices, both the current account and fiscal surpluses narrowed in 2023, to 17 percent of GDP and 5.5 percent of GDP, respectively. The twin surpluses moderated further in 2024,” the statement said.

Source: ARABNEWS