Qatar's economic growth expected to 'broadly steady' this year; sharp pickup seen in 2026: NBK
Qatar's economic growth is expected to broadly steady this year before accelerating sharply in 2026, according to National Bank of Kuwait.In its latest 'Economic Insight', NBK said Qatar's fiscal accounts are expected to show surplus and public debt to fall in 2026.
Qatar's economic growth is expected to broadly steady this year before accelerating sharply in 2026, according to National Bank of Kuwait (NBK).
In its latest 'Economic Insight', NBK said Qatar's fiscal accounts are expected to show surplus and public debt to fall in 2026.
'Economic growth in Qatar is expected broadly steady in 2025 at 2.4% before accelerating sharply to 5.5% in 2026,' NBK noted.
In Qatar, the cyclical downturn following the 2022 World Cup boom has faded and growth is seen accelerating again on stronger tourism activity, new government initiatives, and increased LNG production, National Bank of Kuwait said in its 'Economic Insight'.
Hydrocarbon GDP will play an increasingly vital role in shaping Qatar's medium-term growth outlook (+9.8% in 2026), with the giant offshore North Field gas expansion project nearing completion, the report said.
LNG output expansion is set to generate a 63% jump in already massive capacity by 2027-2028 (to 127mn tonnes per year - mtpy) and will eventually have positive knock-on effects on non-hydrocarbon GDP, as higher resulting revenues are channelled back into the economy to meet the next wave of development goals.
Qatar's Third National Development Strategy targets an annual average growth of 4% in 2024-2030, also helped by business efficiency, FDI-promoting and innovation-enhancing reforms.
Goals include growing labour productivity by 2% per year, attracting $100bn in cumulative FDI and developing specialised economic 'growth' clusters in manufacturing, logistics and tourism.
The fiscal accounts should continue to show a surplus over the forecast horizon, from 2.3% of GDP in 2025 to a wider 4.5% of GDP next year as the first LNG trains from the gas expansion project come online.
In recent years, Qatar's budget surpluses were deployed to lower outstanding public debt, a trend that will likely continue in the medium term; public debt could fall to 34% of GDP by 2026.
According to NBK, downside risks to the outlook include a more severe than expected global economic downturn that weakens energy prices, and potentially lower prices for LNG in the event of global market excess supply.
'That said, the scale of Qatar's imminent energy output expansion and domestic investment targets should provide some degree of resilience against international headwinds,' the bank noted.
The report also covered Oman and Bahrain and according to NBK, Bahrain's fiscal deficits are seen widening amid lower oil prices and still-elevated interest rates, despite repeated consolidation efforts. Following sustained reform implementation, Oman's positive economic performance is seen continuing with non-oil expansion, fiscal surpluses and a declining debt-to-GDP ratio, it said.
© Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. (Syndigate.info).
Pratap John
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The National
2 days ago
- The National
King Abdullah II leads tributes as Jordan celebrate historic World Cup qualification
Ali Olwan nets hat-trick in 3-0 win over Oman to seal place at 2026 tournament in US, Canada and Mexico Jordan's King Abdullah II led the tributes as his nation celebrated reaching the Fifa World Cup for the first time in their history. Ali Olwan was the hero for the Jordanians as he netted a hat-trick in a 3-0 win over Oman in Muscat on Thursday night. The jubilant away supporters were joined by Crown Prince Hussein, who was seen celebrating in the stands. The win put the 2023 Asian Cup runners-up into a commanding position to secure a top-two finish in AFC qualifying Group B behind leaders South Korea, and their progress was confirmed a few hours later when the Koreans beat Iraq 2-0 in Basra. Jordan's King Abdullah II congratulated the team on social media. 'This historic qualification is well-deserved by our team, which includes stars and cadres of whom we are proud,' he wrote on X. 'Special thanks go to our loyal fans who have been our support and encouragement.' Jordan's qualification for the expanded 48-team tournament in the USA, Canada and Mexico extends a rewarding period for the national team after their run to the Asian Cup final in 2023. In that competition they eliminated South Korea in the last four before eventually losing to hosts Qatar in the final. The South Koreans cemented top spot in AFC Group B and consigned Iraq to another round of qualifying with a routine victory at the Basra International Stadium. The Iraqi cause was not helped by a first-half red card for Ipswich striker Ali Al Hamadi and goals after the break from Kim Jin-gyu and Oh Hyeon-gyu confirmed their defeat. The Iraqis will drop into the fourth round of qualifying where they will be joined by either Palestine or Oman who meet next week in a winner-takes-all clash. Palestine kept their hopes alive with a 2-0 win over Kuwait on Thursday thanks to goals from Tamer Seyam and Wessam Abou Ali. The six teams who finish third and fourth across the three AFC groups will enter a fresh phase of qualifying featuring two groups of three with the winners of each section sealing a place at the finals. Four of the six teams – UAE, Qatar, Indonesia and Iraq – are already known, with most likely Saudi Arabia and one of Palestine and Oman to complete the line up. Saudi Arabia alive but face steep task Saudi Arabia and Australia will go head-to-head next Tuesday for the second automatic spot in Group C. Australia remain in pole position following their last-gasp win against group leaders Japan in Perth. Defender Aziz Behich was the home hero in front of more than 57,000 fans, rifling into the corner in the 90th minute to give Tony Popovic's side a crucial 1-0 victory. 'We know there's room to grow and room to improve, but we've done something special tonight,' said Popovic, who saw his team outplayed for long periods by an experimental Japan side. Saudi Arabia ensured the race for second place will go down to the wire courtesy of a 2-0 win against Bahrain in Riffa. Goals in either half from Musab Al Juwayr and Abdulrahman Al Obud saw Herve Renard's men stay three points behind second-placed Australia. However, the Saudis will have to win in Jeddah by five goals to leapfrog the Socceroos. Popovic, who replaced Graham Arnold in the dugout in September, added: 'We've all played a part in getting us to this point. We want to go to Saudi Arabia and really finish the job off.' Also in Group C, Patrick Kluivert's Indonesia kept alive their hopes of reaching a first World Cup since the country's independence in 1945 with a 1-0 win over China. That leaves Indonesia fourth in the group, one point behind Saudi. Ole Romeny scored the only goal, his controversial penalty just before half time following a VAR check leaving China rooted to the bottom of the group and thus ending their hopes of making a second World Cup. In Group A, Iran and Uzbekistan confirmed qualification while the UAE and Qatar will move into the next round of qualifying.
Zawya
3 days ago
- Zawya
The Chance to win travel vouchers for NBK-Mastercard Holders when making foreign-currency purchases
Al Ballam: NBK is keen on rewarding its customers around the year with exclusive and valuable campaigns Winners can redeem the vouchers at over 500 airlines and 1.2 million hotels around the world In line with its continuous efforts to enrich its customers' banking experience with unique campaigns and exceptional rewards that correspond to their different lifestyles and needs, the National Bank of Kuwait and Mastercard are partnering to reward 115 top spending customers with travel vouchers simply for using their NBK-Mastercard when spending in foreign currency during the period from June 1 to June 30, 2025. This offer allows winners the chance to win a travel voucher worth up to KD 150, provided by Mastercard, which can be redeemed at more than 500 different airlines and over 2.1 million hotels around the world. To get the chance to win, there are minimum spending limits during the campaign period, according to the card used in making the purchases, and they are as follows: 1. Spend a minimum of KD 550 if they hold any of the following cards: NBK-Aura World Mastercard Credit Card NBK Miles World Mastercard Credit Card World Mastercard Credit Card UEFA Champions League World Mastercard Credit Card issued by NBK 2. Spend a minimum of KD 300 if they hold any of the following cards: NBK Platinum Mastercard Credit Card 3. Spend a minimum of KD 200 if they hold any of the following cards: NBK Titanium Mastercard Credit Card NBK Laki Titanium Mastercard Credit Card Voucher distribution: Mastercard Platinum & Titanium: 65 vouchers, valued at KD 75 each. Mastercard World: 50 vouchers, valued at KD 150 each. Commenting on this campaign, Anwar Al Ballam AVP- Cards services, at Consumer Banking Group, at National Bank of Kuwait said: 'We are keen at NBK on rewarding our customers by launching exclusive campaigns around the year that guarantee an exceptional and distinguished experience for them beyond banking services and correspond to their different lifestyles and needs.' Al Ballam also added: 'Through this campaign in partnership with Mastercard, we strive to celebrate our NBK-Mastercard Credit Card and NBK-Mastercard Prepaid Card holders and enable them to gain massive benefits while helping them turn purchases into memorable trips.' It is noteworthy that NBK's Credit Cards are the best way to make payments, as holders access many benefits with ease, especially while shopping, including NBK Rewards and NBK Miles Programs, as well as Purchase Protection and Extended Warranty Services.
Dubai Eye
4 days ago
- Dubai Eye
Stead stands down as New Zealand coach after seven years
Gary Stead will stand down as Black Caps coach at the end of June, New Zealand Cricket said on Wednesday, bringing to an end a highly successful seven-year reign that included the capture of the inaugural World Test Championship title. The 53-year-old stood down as coach of the country's white ball teams in April and his desire to spend less time on tour ultimately did not marry with NZC's aspiration to have one coach across all formats. "There's been some amazing memories over the past seven years based around a group of fantastic and talented people who have gone out to give their best for their country," he said in a NZC statement. "It's been nice to be competitive across all three formats and I'd like to think that regardless of results, the opposition know the Black Caps are a team that won't fold." Stead said the World Test Championship triumph in 2021 and New Zealand's 3-0 sweep of India on the sub-continent last year were the highlights of his time in charge. New Zealand also finished as runners-up on boundary countback at the 2019 50-overs World Cup, runners-up at the 2021 Twenty20 World Cup as well as at the Champions Trophy earlier this year. The Black Caps topped the test and ODI rankings and reached the semi-finals at two other white-ball World Cups during his time in charge. "For a country with five million people and limited resources, we comparatively perform outstandingly well against the other powerhouses of the game," Stead added. Producing consistent performances over such a lengthy period rested in some part on Stead's ability to refresh the squad with young players as generational talents retired or spent lengthy periods on the sidelines with injury. Former Black Caps captain Kane Williamson said Stead is likely to be remembered as one of New Zealand's most successful cricket coaches. "There was no one more hardworking and passionate about seeing the Black Caps grow and succeed," he said. "He was always thorough in his planning and preparation and will go down as one of our best coaches, but an even better bloke." NZC have already started the search for the successor to the former top-order test batsman and Stead said he would take some time to recharge before seeking out another challenge. "I still have the coaching bug and will look to explore opportunities at home and abroad where I can look to share what I've learned from my 30 years of professional sport as a player and coach," he said.
