Al-Raya Highlights Growth of Qatari Economy in all Sectors

Doha, April 06 (QNA) - In its Wednesday editorial, Al-Raya newspaper highlighted the growth of the Qatari economy this year by around 3.2 percent, compared to last year by around 2 percent, reflecting the growth of all economic sectors in the country, especially the investment sector. The paper said that in a new indicator of the strength and durability of the Qatari economy and its global leadership, HE Undersecretary of the Ministry of Commerce and Industry affirmed that the country's gross domestic product (GDP) is expected to rise from $161 billion in 2021 to $201 billion in 2025, and it is expected to reach $172 billion in 2022, $181 billion in 2023 and $191 billion in 2024, thanks to the legislative and regulatory efforts witnessed by the country, which have enhanced expectations for the growth of the Qatari economy. The paper noted the International Monetary Fund's (IMF) expectations that the Qatari economy will grow by about 3.2% in 2022, compared to about 2% in 2021, reflecting growth in all of the country's economic sectors, especially the investment sector. Qatar was able to overcome all the challenges facing global economies during the past years, and laid the foundations of a new phase that adopts an approach that contributes to achieving economic diversification, the paper said, pointing out that this has consolidated its position as one of the most powerful and promising regional economies at the global level. The State of Qatar has adopted a successful economic strategy based on encouraging national industrial enterprises to raise their productivity in line with the criteria of the Second National Development Strategy 2018-2022 and the Qatar National Manufacturing Strategy, by launching several initiatives, so it had launched the joint framework contracts initiative in cooperation with the Ministry of Finance and Hamad Medical Corporation (HMC), the paper said, adding that the initiative primarily covered the pharmaceutical and medical equipment sector, and its scope will be expanded to include other sectors, in coordination with the concerned authorities. The paper explained that the level of access of national goods and products to the largest number of sales outlets in the country was raised through the directive to allocate about 50 percent of the exhibits to Qatari products. This is in parallel with coordination with more than 30 governmental and semi-governmental agencies to motivate national products, giving priority and increasing their purchases, the paper added. In this field, Qatar has strengthened the position of local production in various sectors, which has had a positive impact on the country's GDP, it noted. The newspaper considered that the State of Qatar is on the verge of promising foreign investments, confirming that the national economy enjoys great global confidence, as prestigious economic reports expected that the country will witness during the upcoming period strong foreign cash and investment flows, as a result of positive indicators in light of the economic developments in the region, which will positively impact the expectations of the Qatari economy in stimulating the business sector at the local market level, in addition to strengthening the foundations of high confidence among foreign investors. This will enhance Qatar's achievement of very high growth indicators that make it at the forefront of achieving the highest levels of economic growth, it added. Al-Raya concluded its editorial by saying that Qatar has been keen to provide a promising investment environment in the important sectors of the national economy and supplement it with an administrative and legislative system that stimulates business practice, characterized by an appropriate legislative framework for business development and attracting investments. (QNA)