Gulf Times: Qatar Witnesses Rapid Economic Development over Years

Doha, March 20 (QNA) - The Gulf Times newspaper affirmed in its editorial on Sunday that the State of Qatar has been witnessing rapid economic development over the years and is among the best performing economies in the entire Middle East and North African (Mena) region. The newspaper said that the International Monetary Fund (IMF) expects the North Field LNG expansion project to support growth prospects and further strengthen fiscal and external positions over the medium-term. The IMF report underlined that the economic recovery in Qatar is gaining strength on the back of rebounding domestic demand, higher hydrocarbon prices, and the preparation for the 2022 FIFA World Cup, it added. The newspaper pointed out that the World Bank stated in its latest forecast that Qatar's economy is expected to grow 4.8% this year and 4.9% in 2023, adding that the forecast has also shown that Qatar's GDP growth next year will be the GCC's best. The newspaper praised the opening of Barzan Gas Plant, explaining that through the various products of the project, the energy needs of power generation and water desalinisation facilities will be provided, in addition to the large development projects in the country, including the facilities for hosting the 2022 FIFA World Cup and other strategic projects. The newspaper added that the plant, which is operated by Qatargas on behalf of QatarEnergy and ExxonMobil is capable of producing almost 1.4 billion standard cubic feet of sales gas per day, processing natural gas from the North Field, which is the largest non-associated natural gas fi eld in the world. The Gulf Times newspaper concluded its editorial by emphasizing that the Barzan is one of the most important energy projects in Qatar, which adds a high and qualitative value in the effort to meet domestic natural gas needs, and in supporting Qatar's comprehensive development and economic growth. (QNA)