Experts discuss whether Qatar can navigate the global economic downturn and offered valuable insights to businesses and entrepreneurs.
Experts believe Qatar is equipped to deal with a global economic slowdown, as shown over the past six years.
Qatar has successfully navigated back-to-back economic turbulences in the recent pasts, weathering the storm of the the 2017 blockade as well as the COVID-19 pandemic in 2020. Such experience has given Qatar a distinct advantage in managing the current global economic slowdown, experts said during panel hosted by Curia Business Group.
Titled ‘Thriving in a Global Downturn’ the event brought together a number of speakers from prominent organisations and institutes across the Gulf state, including CEO at Bin Yousef and Partner at Curia Business Group David Ford, Senior Research Fellow of Entrepreneurship and Innovation at HEC Paris in Qatar and the Founder of the Observatory of Entrepreneurship & Innovation Dr. Allan Villegas-Mateos and Co-Founder and Managing Director of Red Rock International Nick Ashley.
While Qatar’s market, much like the rest of the world, is constantly and rapidly changing, the speakers emphasised that a slow market does not mean a lack of growth but rather serves as an opportunity for businesses to innovate and set up for success once the slowdown has passed.
The panelists emphasised the importance of better forecasting for businesses in Qatar and continuous reevaluation of strategies to weather economic storms. They also stressed the value of businesses leveraging the current economic downturn to explore new markets and segments that they can tap into.
Speaking about Qatar’s current standing, David Ford said, “At the moment, Qatar is still enjoying the post-World Cup high, but a lot of businesses are wondering ‘What’s next?’. Qatar was able to dispel a lot of bad PR in recent months and has changed the perspective of people around the world on what Qatar has to offer.
“This has put Qatar in a stronger position to attract foreign investments as well as grow its local entrepreneurial ecosystem. Entrepreneurship is part of the culture here. Qatar was built on trading, so it’s natural for locals to have a strong appetite for entrepreneurship,” he added.