HSBC economists have forecasted a 6.5% growth for the Gulf Co-operation Council (GCC) economies this year.
Qatar's growth is estimated at 4.6% this year, said the annual HSBC Economist Roadshow, which sounded optimistic at the region’s economic outlook in 2023 and expects that the Gulf countries are on course to deliver some of the strongest growth in the world in 2022.
The HSBC team forecasts economic growth of 6.5% in 2022 for the GCC economies, making this one of the strongest performing regions of the world this year, and delivering their strongest growth in at least a decade.
“Our expert economic analysis team always provides actionable insights and perspectives especially in a time when conditions in the global economy are raising many questions about the outlook for growth, inflation and investment,” said Abdul Hakeem Mostafawi, chief executive officer of HSBC in Qatar.
For 2023, the HSBC team forecasts GCC growth of 5%. In Qatar, GDP growth of 4.6% is forecast for 2022 and 2.3% in 2023.
More than 170 clients and business leaders in Doha attended the presentations made by the HSBC economics team, comprising Simon Williams, chief economist, CEEMEA (Central and Eastern Europe, Middle East and Africa); James Pomeroy, senior global economist; and Dominic Bunning, Head of FX (forex) research in Europe.
“We are seeing growth heading into next year with solid momentum and few signs of imbalances that threaten near-term performance. We are comfortable with the growth outlook which we see driven by ongoing gains in domestic demand,” Williams said.
Pomeroy said inflation may slow more quickly within the goods sector than elsewhere.
"Supply chains continue to ease up rapidly – the cost of sending freight from Asia to the US has now fallen by 85% since this time last year – and if demand for goods dwindles, discounting may come into play,” according to him.
Bunning said the key components that have supported the US dollar strength such as the soft global growth dynamics, fragile risk appetite and relatively higher US yields, should continue in the months ahead.
Qatar's growth is estimated at 4.6% this year, said the annual HSBC Economist Roadshow, which sounded optimistic at the region’s economic outlook in 2023 and expects that the Gulf countries are on course to deliver some of the strongest growth in the world in 2022.
The HSBC team forecasts economic growth of 6.5% in 2022 for the GCC economies, making this one of the strongest performing regions of the world this year, and delivering their strongest growth in at least a decade.
“Our expert economic analysis team always provides actionable insights and perspectives especially in a time when conditions in the global economy are raising many questions about the outlook for growth, inflation and investment,” said Abdul Hakeem Mostafawi, chief executive officer of HSBC in Qatar.
For 2023, the HSBC team forecasts GCC growth of 5%. In Qatar, GDP growth of 4.6% is forecast for 2022 and 2.3% in 2023.
More than 170 clients and business leaders in Doha attended the presentations made by the HSBC economics team, comprising Simon Williams, chief economist, CEEMEA (Central and Eastern Europe, Middle East and Africa); James Pomeroy, senior global economist; and Dominic Bunning, Head of FX (forex) research in Europe.
“We are seeing growth heading into next year with solid momentum and few signs of imbalances that threaten near-term performance. We are comfortable with the growth outlook which we see driven by ongoing gains in domestic demand,” Williams said.
Pomeroy said inflation may slow more quickly within the goods sector than elsewhere.
"Supply chains continue to ease up rapidly – the cost of sending freight from Asia to the US has now fallen by 85% since this time last year – and if demand for goods dwindles, discounting may come into play,” according to him.
Bunning said the key components that have supported the US dollar strength such as the soft global growth dynamics, fragile risk appetite and relatively higher US yields, should continue in the months ahead.