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Qatar: 2023 Article IV Consultation-Press Release; and Staff Report
Author:
International Monetary Fund. Middle East and Central Asia Dept.
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2024: Issue 043
Language:
English
Publication Date:
07 Feb 2024
DOI:
https://doi.org/10.5089/9798400266911.002
ISBN:
9798400266911
ISSN:
1934-7685
Pages:
87
Keywords:
LNG production expansion; money market rate; financial asset; IMF staff calculation; labor market dynamics; policy buffer; Fiscal stance; Anti-money laundering and combating the financing of terrorism (AML/CFT); Public sector; Global; Middle East; North Africa; East Africa
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The 2023 Article IV Consultation highlights that Qatar’s decade-long efforts to diversify the economy culminated into the successful hosting of the 2022 FIFA World Cup. Banks are well capitalized, liquid, and profitable, with the capital adequacy ratio and return on equity at 19 and 14.6 percent, respectively, in the second quarter of 2023. Banks’ nonresident deposits fell by more than one-third from the recent peak, partially replaced by higher public sector domestic deposits, reducing vulnerabilities amid tight global financial conditions. Structural reforms continue to progress, including to enhance protection and mobility of expatriate labor, improve the business environment, promote public–private partnerships, and further attract private investment through the residency program and broadened foreign ownership provisions. The pension scheme has been expanded to more Qataris in the private sector to promote private sector employment. If downside risks materialize, Qatar has strong policy buffers to mitigate the negative impact. On the upside, accelerated reform efforts guided by Third National Development Strategy could further promote diversification and boost potential growth.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund