QCB Governor: Qatar Achieves Economic Prosperity in 2017, Despite Siege, Instability of World Economy

Doha, November 25 (QNA) - Qatar Central Bank (QCB) Governor HE Sheikh Abdullah bin Saud Al-Thani said that Qatar's economy has been able to achieve economic prosperity in 2017 despite the instability in the world economy. and the unjust siege imposed on the State of Qatar. In an exclusive interview with officials from the Euromoney Qatar conference, scheduled to open in Doha in early December, HE the Governor of Qatar Central Bank said that the economic blockade did not have a significant impact on the real and financial sector of the Qatari economy, stressing his confidence in the strength and resilience of Qatar's economy and its ability to confronting different challenges. "The Qatari economy has shown a resilient performance since the siege began, he said adding that the macroeconomic indicators, including GDP growth, trade, current account balance and inflation, are in the safety zone, with exports and imports rising steadily in July and August 2017, and the total exports increased by 17.7 percent in August 2017 compared to last year. There has been no interruption in Qatar's gas exports, and the country has also maintained a smooth supply of gas exports to its trading partners. ", Sheikh Abdullah bin Saud Al-Thani noted. "Average CPI inflation in the first nine months of this year was less than 1 percent compared to the same period in 2016, thanks to rising oil prices, the current account is expected to perform better this year," he said. HE the Governor of the Central Bank of Qatar (CBQ) said Qatar's economy will continue to grow at the fastest pace in the region, driven by the recovery of the energy sector and existing initiatives that have been accelerated in response to the economic blockade. He said that despite the decline in global crude oil prices and the unfavorable economic environment, the Qatari economy is expected to grow at the fastest pace in the GCC region in 2017, according to the latest IMF report, real GDP growth is expected to rise from 2.5 percent in 2017 to 3.1 percent in 2018. Commenting on the major projects that contribute to Qatar's economy, HE Sheikh Abdullah bin Saud Al-Thani pointed to the opening of Hamad Port and the decision to reduce the rent by 50 percent for all investors over the next two years in logistics areas in the southern parts of Qatar, as well as the opening of network of highways, logistics centers and special economic zones, besides setting up of projects geared to support innovation and young entrepreneurs. HE the Governor of the Qatar Central Bank along with a number of senior speakers will participate in the Euromoney Qatar 2017 Conference on December 5 and 6. Among the main topics to be discussed in this year's edition of the conference is the theme of "Building Innovation". The conference will host a number of key figures from the financial and banking sectors, a group of energy and real estate experts, and executives from institutions representing the innovation economy including companies working in the field of financial techniques. Euromoney Conferences is the premier organizer of financial conferences and events in developing and advanced markets for cross-border investments and capital markets. Since the late 1970s, Euromoney has been managing events in more than 60 countries and supervising major conferences in major financial capitals around the world and in some Middle Eastern countries .(QNA)