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Standard Chartered expects Qatar’s economy to grow 3% this year

Standard Chartered expects Qatar’s economy to grow 3% this year
Qatar’s foreign reserves continued to rise for the 34th successive month in December 2020.

Doha – Mubasher: Standard Chartered expected Qatar’s economy to grow by 3% this year as the easing of a three-year-old regional dispute will help trade, tourism, and logistics, Reuters reported.

The British lender had revised its previous 2.1% growth estimate.

On Tuesday, Saudi Arabia and its Arab allies agreed to end a boycott imposed since mid-2017 over allegations that Qatar supports terrorism, charges it has denied.

Standard Chartered added the UAE lifting restrictions on trade and travel to Qatar could help the UAE’s trade recovery, as it will lead to less trade and transit volume via Oman’s port and airport.

“Regionally, the boost to consumer and investor sentiment and lower perceived geopolitical risk may contribute positively to economic outcomes, particularly ahead of significant events such as EXPO 2020, set to be hosted by Dubai in October 2021, and the 2022 FIFA World Cup in Doha,” it continued.

Qatar’s foreign reserves continued to rise for the 34th successive month in December 2020, growing by 3.33% on a yearly basis to reach QR 204.75 billion ($56.74 billion), according to recent data from the Qatar Central Bank.

On a monthly basis, the foreign reserves inched up by 0.17% when compared to QR 204.41 billion in November.

Year-on-year (YoY), Qatar’s investments in foreign treasury bills and bonds jumped by 11.86% in December to QR 89.79 billion.

Meanwhile, Qatar’s reserve position in the International Monetary Fund (IMF) and the Special Drawing Rights’ (SDR) deposits amounted to QR 1.98 billion, up by 4.76% annually.

On the other hand, Qatar’s deposits at banks abroad decreased by 18.96% in December to stand at QR 44.29 billion, compared to QR 54.65 billion in December 2019.