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Qatari banking system outlook upgraded on economic resilience – Moody’s

Qatari banking system outlook upgraded on economic resilience – Moody’s
The Qatari government has been able to rebalance the country's economy

Mubasher: Moody's Investors Service has changed the outlook for the banking system in Qatar to “Stable” from “Negative”, according to the rating agency’s statement on Thursday.

This upgrade for the gas-rich nation’s banking sector reflects the economic resilience and banking system to the ongoing dispute in the Middle East and North Africa (MENA) region and the GCC, in addition to the “Stable” outlook on the Qatari government’s “Aa3” long-term issuer rating.

“The Qatari government has been able to rebalance the country's economy following the regional dispute which began in June 2017, and the high level of government spending on infrastructure in preparation for the FIFA World Cup in 2022 has been unaffected,” Moody’s noted.

Moody's projected that GCC nation to achieve an average real GDP growth of 2.8% over the years 2018 to 2022, up from 1.6% in 2017.

“The Qatari economy has rebalanced as supply chain disruptions recovered rapidly following the blockade from other Gulf states and Egypt,” vice president and senior credit officer at Moody's, Nitish Bhojnagarwala, said.