Qatar’s diversification drive bolsters growth beyond energy sector

Doha, Qatar:Qatar is entering a new phase of economic expansion with growth increasingly fuelled not only by its world leading LNG industry but also b...

Doha, Qatar: Qatar is entering a new phase of economic expansion with growth increasingly fuelled not only by its world-leading LNG industry but also by strategic investments in non-energy sectors, stated ICAEW Economic Insight in its recent report.

 Experts remark that this diversification push is positioning Qatar as a resilient, forward-looking economy capable of striking a balance between energy dominance and a broader, more sustainable development agenda.

Scott Livermore, ICAEW’s Economic Advisor and Chief Economist & Managing Director at Oxford Economics Middle East, noted that the outlook reflects positive contribution from both the energy and non-energy sectors, with growth seen surging next year, primarily due to the LNG production boost.

“The outlook over the next few years looks promising for several priority sectors in the non-energy space, Livermore told The Peninsula. “Finance and insurance, tourism, transport, storage, and the health sector are also expected to see sustained strong growth.”

He emphasised that Qatar’s public finances are robust, with the government facing few concerns that would hinder growth. However, analysts forecast a positive outlook for budget surpluses next year and beyond, which will further reinforce the country’s ability to weather future shocks.