REGIONAL ROUND UPFEATURE - QATAR
Massive infrastructural developments on the back of the upcoming FIFA World Cup Qatar 2022TM a pick-up in economic activities, coupled with high hydrocarbon prices point toward an upward growth curve in Qatar.
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he International Monetary Fund (IMF) estimates Qatar’s real GDP growth to reach 3.2% in 2022, underpinned by elevated hydrocarbon prices and recovery in the tourism sector. Improvement in consumer spending is visible too. According to Fitch Solutions, the real household spending growth in Qatar is set to touch 3.6% up from the estimated growth of 1.0% in 2021. Qatari households’ spending is expected to recover to pre-pandemic levels by 2023. All indications point towards an upward growth curve in Qatar. While the four-year blockade imposed on Qatar in 2017 caused an initial economic shock, the GCC country leveraged hydrocarbon resources and international ties to overcome the negative impact. Qatar’s non-reliance on tourism at that
RETAIL PEOPLE . MAY - JUL 2022
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ALESSANDRO GAFFURI Founder & CEO, CELS Group Board Member, MECS+R
time [of blockade] could be seen as a boon too. That coupled with in-country spending on luxury goods by local Qataris [as they didn’t travel and shop in some of the neighbouring GCC countries, although they still shopped in fashion capitals such as London and Milan] offered a much-needed fillip to retail and shopping mall industries. Infrastructure development related to mega projects aligned with FIFA World Cup Qatar 2022™ including stadiums, hotels, malls, hospitals, roads, railways, an underground metro, a light rail line, and an airport extension – has continued at an unhindered pace. However, the pandemic has caused woes for the Qatari economy causing inflationary pressures.
