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Middle East and Central Asia > Qatar

You are looking at 1 - 8 of 8 items for :

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Cover Selected Issues Papers
2022 FIFA World Cup: Economic Impact on Qatar and Regional Spillovers
Aidyn Bibolov
,
Ken Miyajima
,
Sidra Rehman
, and
Tongfang Yuan
Qatar hosted the 2022 FIFA World Cup (WC) successfully and took the opportunity to further develop its non-hydrocarbon economy. Near-term contributions to Qatar’s economy, from visitors’ spending and WC-related broadcasting revenue, of up to 1 percent of GDP was comparable to cross-country experiences. The event generated positive regional economic spillovers as a sizeable share of spectators stayed in and commuted from neighboring GCC countries. Longer-term contributions were significant—the large investment in general infrastructure ahead of the WC drove much of the non-hydrocarbon sector’s growth in the past decade. The high-quality infrastructure and global visibility brought by the WC should be leveraged to further promote diversification and achieve the National Vision 2030.
Keywords:
Economic diversification; economic transformation; Qatar; structural reform; FIFA World Cup; broadcasting revenue; Qatar's economy; WC spectator; World Cup broadcasting right; Public investment spending; Capital spending; Production growth; Spillovers; Tourism; Global; Asia and Pacific
Cover IMF Staff Country Reports
Qatar: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Qatar
International Monetary Fund. Middle East and Central Asia Dept.
This 2016 Article IV Consultation highlights the adverse impact of lower hydrocarbon prices on the macroeconomic performance of Qatar. Growth has slowed despite still-resilient nonhydrocarbon activity. Real GDP growth of 2.7 percent is estimated for 2016. Inflation remained low despite subsidy cuts, averaging about 2.7 percent in 2016. Growth is expected to slow in the medium term as public investment growth tapers off and hydrocarbon output continues to slow. Further subsidy cuts, a moderate recovery in global commodity prices, and the introduction of a value-added tax are expected to improve the fiscal and external balances gradually over the near to medium term.
Keywords:
ISCR; CR; authority; Qatari authorities; IMF staff estimate; hydrocarbon price; banking system liquidity; exhaustible hydrocarbon wealth; Public investment spending; Oil prices; Government debt management; Global; Middle East; North Africa; East Africa
Cover IMF Staff Country Reports
Qatar: Staff Report for the 2015 Article IV Consultation
International Monetary Fund. Middle East and Central Asia Dept.
This 2015 Article IV Consultation highlights that Qatar is implementing an ambitious diversification strategy, while retaining its systemic role in the global natural gas market. Qatar accounts for one-third of global liquefied natural gas trade and has emerged as an important global financial investor, labor importer, and donor. The authorities are executing a large public infrastructure program to advance economic diversification and prepare for the FIFA 2022 World Cup. The economy has maintained strong growth momentum so far despite the large drop in oil prices since summer 2014. The short-term growth outlook is positive, but lower oil prices will lead to a substantial deterioration of the fiscal and external balances.
Keywords:
ISCR; CR; year-on-year inflation data; data; Tier I capital; GDP; oil price; lower-than-expected oil; financial asset; Oil prices; Public investment spending; Real estate prices; Inflation; Anti-money laundering and combating the financing of terrorism (AML/CFT); Global; Middle East; North Africa; East Africa
Cover IMF Staff Country Reports
Qatar: Selected Issues
International Monetary Fund. Middle East and Central Asia Dept.
Qatar: Selected Issues
Keywords:
ISCR; CR; Qatar; risk; cost; investment; asset
Cover IMF Staff Country Reports
Qatar: 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for Qatar
International Monetary Fund. Middle East and Central Asia Dept.
KEY ISSUES Context. As the world’s largest exporter of liquefied natural gas (LNG), Qatar has turned into an important global financial investor, donor, and labor importer. Growth averaged 14 percent over the past decade and GDP per capita has reached $100,000, the highest in the world. Qatar remains insulated from sluggish global growth thanks to high hydrocarbon prices and a large public investment program to support economic diversification and prepare for the FIFA 2022 Championship. Outlook and risks. Macroeconomic performance is expected to remain strong, driven by the non-hydrocarbon sector which accounts for almost one-half of the economy. Potential challenges include the risk of over-heating in the near term and over-capacity in the medium term as a result of the large public investment program. The possibility of a sharp decline in oil and gas prices remains the main medium-term risk; however, the authorities have ample fiscal and external buffers to deal with contingencies. Risks from public investments. Policymakers need to remain vigilant about overheating risks. Capital spending should be smoothed if signs of overheating emerge, and liquidity withdrawal operations and further macroprudential measures deployed in case of excessive credit growth or risk-taking. A comprehensive public investment management framework would increase the efficiency of public spending and reduce the risk of overinvestment. Fiscal reforms. The authorities have appropriately been saving the large fiscal surpluses, and have started introducing a medium-term focus into the budget process by implementing a three-year budget framework and establishing performance measures. The framework should be accompanied by realistic hydrocarbon price assumptions and a more detailed multi-year expenditure plan. Financial sector. The authorities are implementing an ambitious financial regulatory agenda, including establishing an umbrella advisory committee and issuing a final Basel III circular. Banks remain well capitalized and liquid, but the authorities should continue carefully monitoring vulnerabilities through an enhanced early warning system. Diversification. The authorities are also supporting economic diversification through measures to further financial deepening and private sector development.
Keywords:
ISCR; CR; budget blueprint; staff appraisal; surplus; Qatar
Cover IMF Staff Country Reports
Qatar: Staff Report for the 2014 Article IV Consultation
International Monetary Fund. Middle East and Central Asia Dept.
This 2014 Article IV Consultation highlights that Qatar’s macroeconomic performance has remained strong. GDP growth slowed from 13 percent in 2011 to 6.2 percent in 2012, mostly owing to the self-imposed moratorium on additional hydrocarbon production from the North Field. Growth was 6.5 percent in 2013, driven by strong expansion in the nonhydrocarbon sector. The negative spillovers from sluggish global growth and financial market volatility have been limited. The baseline macroeconomic outlook is positive. GDP growth could stay at about 6 percent in 2014, with public investments keeping growth at about 6–7 percent over the medium term.
Keywords:
ISCR; CR; budget blueprint; staff appraisal; surplus; Qatar; barrel oil price; finance management information system; management framework; price pressure; Public investment spending; Public investment and public-private partnerships (PPP); Credit; Global; Middle East; North Africa; East Africa
Cover IMF Staff Country Reports
Qatar: Selected Issues
International Monetary Fund. Middle East and Central Asia Dept.
This Selected Issues paper assesses efficiency of Qatar public investment. It discusses the trends in public capital spending and the rationale for improving public investment efficiency. The paper outlines three alternative methods for analyzing efficiency, and presents the main results. The results suggest that the efficiency of Qatar public investment spending is broadly comparable to GCC peers, but could be improved further. It is also concluded that strengthening fiscal institutions, particularly with an integrated public investment management process and a medium-term fiscal policy framework, is the key for improving public investment efficiency in Qatar.
Keywords:
ISCR; CR; Qatar; risk; cost; investment; asset; Qatar economy; labor intensity; credit risk; crisis risk model; investment efficiency; asset price shock; price index; coverage ratio; construction cost; management process; implementation risk; risk premium; Public investment and public-private partnerships (PPP); Public investment spending; Early warning systems; Capital spending; Global
Cover IMF Working Papers
Desynchronized: The Comovement of Non-Hydrocarbon Business Cycles in the GCC
Mr. Serhan Cevik
This paper investigates the empirical characteristics of business cycles and the extent of cyclical comovement in the Gulf Cooperation Council (GCC) countries, using various measures of synchronization for non-hydrocarbon GDP and constituents of aggregate demand during the period 1990-2010. By applying the Christiano-Fitzgerald asymmetric band-pass filter and a mean corrected concordance index, the paper identifies the degree of non-hydrocarbon business cycle synchronization?one of the main prerequisites for countries considering to establish a monetary union. The empirical results show low and heterogeneous synchronization in non-hydrocarbon business cycles across the GCC economies, and a decline in the degree of synchronicity in the 2000s, if Kuwait is excluded from the sample, partly because of divergent fiscal policies.
Keywords:
WP; GCC country; aggregate demand; Business cycles; business cycle synchronization; band-pass filter; concordance; GCC economy; Non-hydrocarbon business cycle frequency; business cycle analysis; pairwise correlation coefficients; business cycle desynchronization; Monetary unions; Private consumption; Government consumption; Public investment spending; Asia and Pacific; Global