World Bank projects Qatar's economy to grow at 6.5% in 2026-2027
These improved prospects are supported by strong non-hydrocarbon growth, particularly in education, tourism, and services, the World Bank said in its report"Gulf Economic Update."
The hydrocarbon sector is expected to growth timidly in 2025 (0.9%), before undergoing a significant boost in 2026 thanks to the North Field LNG expansion coming online, supporting a 40% rise in LNG output. Non-hydrocarbon growth is expected to remain robust thanks to infrastructure upgrades and international investments, the report said.
"Economic growth across the Gulf Cooperation Council (GCC) is projected to increase in the medium-term to 3.2% in 2025 and 4.50% in 2026. This growth is likely to be driven by the expected rollback of OPEC+ oil production cuts and robust expansion of non-oil sectors," according to the report.
According to the latest edition of the report, regional growth was 1.7% in 2024 – an improvement from 0.3% in 2023. The non-hydrocarbon sector remained resilient, expanding by 3.7% — largely fueled by private consumption, investment, and structural reforms across the GCC.
At the same time, global trade uncertainty presents challenges, as a global economic slowdown remains a key downside risk for the region. To mitigate these risks, GCC countries need to accelerate economic diversification reforms and strengthen regional trade.
"The resilience of GCC countries in navigating global uncertainties while advancing economic diversification underscores their strong commitment to long-term prosperity,"Division Director for the GCC countries at the World Bank Safaa El Tayeb El-Kogali said.
"Strategic fiscal policies, targeted investments, and a strong focus on innovation, entrepreneurship, and job creation for youth are essential to sustaining growth and stability," she added.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Qatar Tribune
5 days ago
- Qatar Tribune
GCC Customs Union partners with Malomatia
QNA Doha The GCC Customs Union Authority and Malomatia company signed a contract to build a unified central platform for the exchange of customs data among GCC countries. This strategic step aims to modernize and develop the digital infrastructure for customs procedures and enhance joint customs work, within a shared vision that reflects the aspirations of GCC countries toward a more interconnected and efficient Gulf economy. A statement issued by Malomatia company on Wednesday indicated that the platform project contract, which was signed yesterday at the headquarters of the Customs Union Authority in Riyadh, Saudi Arabia, represents a qualitative shift in the path of Gulf customs cooperation, by enabling a secure and immediate exchange of customs data between customs authorities and administrations in the GCC countries. This will contribute to accelerating the flow of customs data, streamlining the movement of goods, improving risk analysis tools, raising compliance levels, and providing accurate data to support decision-making, in line with the best international standards and contributing to achieving the strategic objectives of the Customs Union Authority. Executive Director of the GCC Customs Union Authority Dr Suleiman bin Masoud Al Ghafri emphasized that this project embodies the commitment of the GCC countries to building a unified and flexible customs system, within a comprehensive strategic vision led by the authority to support Gulf customs integration and consolidate the position of the GCC countries as an effective economic group in the fields of trade and logistics services at the regional and international levels. This vision is based on digital transformation and institutional integration, and enhances the region's ability to efficiently deal with the variables of global supply chains.
Qatar Tribune
6 days ago
- Qatar Tribune
India will become $10 trillion economy over next decade: Goldman Sachs
ANI Mumbai Global Capability Centers have the potential to contribute $0.5 trillion as gross value added to the Indian economy when the country's GDP edges towards $10 trillion, employing about 20-25 million people, Gunjan Samtani, co-chairman of Goldman Sachs in India, said on Monday. India will have tremendous opportunities as the world navigates geopolitics, he said, speaking at the CII GCCSummit. '65 per cent of the global growth between now and 2035 will come from emerging markets, and a bright spot. We will be the fastest growing economy in the world, and will become a $10 trillion economy in the next decade,' the Goldman Sachs executive said at theSummit. Artificial Intelligence represents the most compelling disruption opportunity in today's evolving global economic landscape, with global technology spending projected to exceed $4.92 trillion by 2025, according to Gunjan Samtani. Addressing industry leaders at the Confederation of Indian Industry event, Samtani outlined a few critical factors reshaping the global economic context, with AI-driven transformation at the forefront of a new wave of digital infrastructure development. The Goldman Sachs executive highlighted India's exceptional positioning in the global economic realignment, describing the country as a 'bright spot' projected to become a $10 trillion economy within the next decade. This generational opportunity comes at a time when global markets are navigating complex challenges, including trade rebalancing, supply chain realignment, and geopolitical tensions. 'India remains strategically positioned to capitalise on multiple global trends simultaneously,' Samtani emphasised, pointing to the country's demographic advantages and technological capabilities as key differentiators in the evolving economic landscape. The Global Capability Centres (GCC) sector, which has evolved from traditional cost-saving back offices to innovation hubs driving AI, automation, and digital transformation, stands to benefit significantly from these global trends. Industry estimates suggest that GCCs are no longer just supporting global businesses but are actively shaping the strategic direction for multinationalcorporations. Going by definition, GCCs are offshore facilities set up by multinational corporations to manage a variety of business functions and processes for their parent organisations.
Qatar Tribune
09-07-2025
- Qatar Tribune
MSDF, GTA come together to raise tax compliance awareness among ‘Home Grown' project owners
QNA Doha The Ministry of Social Development and Family (MSDF), in cooperation with the General Tax Authority (GTA), organised an awareness workshop for owners of 'Home Grown' projects entitled 'Your Step Towards Tax Compliance for Home Grown Projects.' Through this workshop, MSDF aims to enhance tax awareness among Home Grown project owners, simplify procedures for taxpayers, support voluntary compliance, and provide an interactive platform for raising direct inquiries with relevant specialists. Commenting on the programme, Director of the Family Empowerment Department at MSDF Fatima Al Nuaimi said that the ministry is keen to provide full support to the owners of 'Home Grown' projects and to strengthen their role in the local economy, adding that these efforts aim to instil a culture of sustainability and encourage individuals and families to shift from consumption to production. The programme of the workshop, delivered by GTA, featured several key discussions, including requirements for filing tax returns and paying income tax, registration methods and procedures for various licences including home-based businesses, filing a Simplified Tax Return through the 'Dhareeba' platform, data update processes, and the verification of residency for GCC citizens. Additionally, the workshop addressed financial penalties for late tax return filings, the Financial Penalty Exemption Initiative, and the process for cancelling tax number registration. The workshop also shed light on the individuals and entities required to submit a tax return, which include the following categories: all companies, regardless of their commercial activity status, and individuals engaged in economic activities within the country, even those with tax exemptions. The workshop further clarified that companies eligible for income tax exemption are: those wholly owned by Qatari citizens or citizens of GCC countries, on the condition that they demonstrate proof of residency in Qatar. GTA also highlighted its '100 percent Financial Penalty Exemption Initiative', effective from March 1 to August 31, which intends to support companies and alleviate their tax burdens by providing a full exemption on unpaid penalties, as per the Income Tax and Excise Tax Laws. Consequently, the tax return filing deadline has been extended to align with the initiative's duration, in accordance with the approved regulations and provisions.
