Economic analysts forecast sustained year-on-year growth for Qatar’s economy.
Qatar’s Amir Sheikh Tamim bin Hamad Al Thani has approved the state’s general budget for 2024’s fiscal year, Qatar News Agency reported on Wednesday.
The Amir issued Law No. 17 of 2023, stipulating that it will come into effect on January 1, 2024, and will be published in the Official Gazette.
Economic analysts forecast year-on-year growth for Qatari’s economy. According to October 22 projections by the International Monetary Fund, from 2024 to 2027, the state’s fiscal surplus will average 11% of gross domestic product.
Experts also point to Qatar leveraging its sports and hospitality expertise as being a factor that will strengthen the local economy in the upcoming fiscal year.
In a February 2023 PricewaterhouseCoopers report, the international government and business advisory network said that Qatar will draw on its experience from hosting the 2022 FIFA Qatar World Cup to successfully host the AFC Asian Cup, the 2024 World Aquatics and the 2030 Asian Games.
Within the first batch of Asian Cup tickets being advertised, more than 150,000 tickets were sold within days, QNA reported on October 17.
By attracting global tourism through sport, “Qatar is ensuring the legacy of the FIFA World Cup, while also improving its soft power through sports diplomacy and development,” PwC said.
On Tuesday, Qatar’s Finance Minister, Ali bin Ahmed Al Kuwari, met with his Irish counterpart, Michael McGrath, in Doha, according to QNA. During the meeting, the two finance ministers discussed measures to expand bilateral economic cooperation between Ireland and Qatar.
During his visit to Qatar, Minister McGrath also met the Chairman of the Qatar Free Zones Authority, Ahmad Al Sayed. QFZ is an independent authority which was established in 2018 to oversee and regulate Qatar’s economic free zones and business opportunities in the state.
Expertise exchange within the field of investment attraction was discussed during Tuesday’s meeting with McGrath and Al Sayed, as well as QFZ investment opportunities available to the Irish Republic, QNA said.