tag

Japan’s economy grew at a still solid pace at the start of the year even after the turbulence in Iran prompted businesses to cut investment.Real gross domestic product expanded at an annualised pace of 1.8% in the first quarter, down from an initial reading of 2.1%, the Cabinet Office reported on Monday. Business investment was downgraded to minus 0.7% quarter on quarter from 0.3% growth previously.Economists were predicting a markdown to GDP after a report last week showed Japan’s biggest companies reduced capital spending in the January-March period. The conflict in Iran began to escalate toward the end of that period, with oil prices spiking in early March.The revised rate still points to a largely resilient economy supported by solid consumer spending and trade, with demand for artificial intelligence-related products providing a key boost for exports. Monday’s report showed that figures for private demand and exports were left unchanged, with consumption rising 0.3% from the previous quarter. Net exports added to growth.Overall, the report should keep the Bank of Japan on track to raise interest rates next week, as policymakers have expressed a desire to continue to normalize policy so long as growth stays intact. It remains to be seen how business investment fared deeper into the Iran war, which could still weigh on growth.“The impact of the Middle East situation didn’t materialize in the first quarter, but it is likely to become apparent going forward,” said Shinichiro Kobayashi, chief economist at Mitsubishi UFJ Research and Consulting. “Given the recent remarks from the BOJ, it appears it is focusing more on curbing inflation, so I expect it to raise interest rates this month.”“Japan’s smaller-than-expected downward revision to first-quarter GDP left the economy still growing at a pace of above its potential. That means it won’t knock the Bank of Japan off course to deliver a widely expected rate hike at its June 15-16 meeting,” saysTaro Kimura, economist, Bloomberg Economics.Private residential investment was revised higher to 0.9% growth, while public investment also was upgraded a tad.The GDP report is the last major economic indicator before the BOJ’s meeting that ends June 16. Officials are set to consider a rate hike at that gathering and see the possibility of a further increase later this year, Bloomberg reported on Thursday. Governor Kazuo Ueda also signaled a good chance of raising rates this month as his remarks in a speech last week expressed greater concern about inflation than economic activity.Another report on Monday showed that Japan’s current account surplus narrowed in April.Separate data out Friday showed Japanese workers’ real wages increased for a fourth straight month in April, but household spending still fell for a fifth month as consumers contending with inflation cut back on discretionary outlays. Concerns about domestic demand prompted Prime Minister Sanae Takaichi to compile a supplementary budget plan to fund subsidies meant to cushion households from rising energy costs.A weak yen continues to inflate import costs for resource-poor Japan, which relies heavily on the Middle East for energy. Japan used a record amount of foreign reserve assets over the past month to prop up the yen after it weakened past the 160-per-dollar threshold. The yen strengthened to around 155 but has since surrendered that gain. It traded around 160.33 per dollar in Tokyo on Monday morning. 

Few countries punch above their weight as much as Ireland does. Culturally, the tiny island nation of just 5mn people boasts award-winning actors such as Cillian Murphy, world renowned brands, and some of the best butter anywhere. Ireland’s leader is practically guaranteed a White House meeting with the US president every year on St Patrick’s Day. Hundreds of multinationals that set up European hubs in Ireland in exchange for lower corporate taxes have transformed the country’s fortunes in recent decades. Record corporate tax receipts have taken Ireland from one of Europe’s poorest nations to one of its richest. Not only have those companies bestowed the country with a rare budget surplus, they also distort what’s really going on in the domestic economy. The same goes for the overall euro area. Why does Ireland often distort economic data for the euro area?Irish gross domestic product is heavily impacted by the concentration of global firms active in the country, including tech giant Apple Inc and pharmaceutical behemoth Eli Lilly & Co. That means the reading is often out of whack with other euro-area member economies, to the extent that it often impacts the figure reported for the entire region.Take the first quarter of 2026. The eurozone economy shrank 0.2% because of a sharp downward revision of Irish GDP, which fell 12.1%. Excluding Ireland, the bloc’s economy actually grew as much as 0.3% in the period. It can go the other way too. If Ireland has a good quarter, it can be a sign that the euro area will also record growth. The Ireland factor adds an element of unpredictability into euroarea readings because the country’s GDP is particularly prone to swings. What causes the swings in Irish GDP?Generally speaking, any upheaval that impacts a global firm eventually shows up in the Irish figures. Ireland’s official statistics office gave no in-depth explanation for revising its reading for the first three months of 2026 from a previous estimate of negative 2%. But it said the record downward restatement was caused by the multinational sector, whose activity contracted by 27.1% in the period. The first-quarter results were a far cry from the 12.5% year-on-year real GDP growth Ireland registered in 2025, as its pharmaceutical firms front-loaded their goods to the US to avoid tariffs threatened by President Donald Trump. “What we’re seeing now is a return to normal levels,” Finance Minister Simon Harris said after the revision. “My department expects GDP to return to growth across the rest of the year.” Why are there so many multinationals in Ireland anyway?Ireland hosts the European headquarters of US tech companies including Apple, Meta Platforms Inc and Alphabet Inc. And it’s the base of large-scale manufacturing facilities for many giant pharmaceutical companies including Eli Lilly and Pfizer Inc. Working to attract foreign direct investment has been a key part of Ireland’s economic strategy since the 1950s. Compelling tax incentives, some controversial and now closed, and a low corporate tax rate played a large part in its success. The country’s well-educated, English-speaking workforce, clear regulation and stable, business-friendly government have helped it maintain its appeal as a location for multinational investment. It is also home to a large number of data centers. So, is the Irish economy doing OK?Ireland’s small, open economy is doing better than OK. The domestic economy, measured more accurately with a metric that aims to strip out multinational activity, is forecast to grow. Ireland is reaping billions of euros worth of corporate tax receipts for now. With one of Europe’s only budget surpluses, it’s the envy of its peers. The Department of Finance has been able to offer citizens generous giveaways in recent years, which many of its European peers can’t afford. It’s thanks in part to the many multinationals present in the country that Ireland is near full employment, and consumers are still spending. At the same time, the finance ministry warns about the unpredictability of revenues from taxes on multinationals, describing them as a windfall. There have been fears that US multinationals would reshore profits at the request of Trump’s administration. Accordingly, the treasury is funneling proceeds from the multinationals into a sovereign wealth fund, which it aims to expand to €100bn ($115bn) by 2035. It’s a fiscal insurance policy that would provide a buffer if multinationals were to exit Ireland in a way that hurt. That’s not an unfounded concern. Just three firms account for almost half of corporate tax receipts, so it would be devastating if even one were to go. The biggest problem Ireland’s economy faces is limits to its growth because of capacity issues. It’s behind on investing in infrastructure such as the energy grid, the water system and housing. This is perhaps the biggest gripe the multinationals have with Ireland’s government, and they are lobbying hard to get the problems fixed.

Japanese economic growth surpassed expectations at the start of 2026, official data showed on Tuesday, but Prime Minister Sanae Takaichi is mulling an extra budget as concerns grow over inflation due to the Middle East war.Gross domestic product (GDP) in the world's fourth-biggest economy expanded 0.5% in the first quarter, exceeding market forecasts of 0.4%.Growth in private consumption and corporate investment contributed to the expansion, according to the cabinet office data.It follows growth of 0.2% -- revised downwards from an earlier reading of 0.3% -- in the last quarter of 2025.The data came as Takaichi plans to draft a supplementary budget in a bid to safeguard growth, as consumers face soaring prices of everything from energy to rice due to the Middle East conflict."Given the continuing uncertainty surrounding the situation in the Middle East, it is important to closely monitor the trend of prices and the impact on the economy," the government's top spokesman Minoru Kihara told reporters Tuesday, adding that Takaichi had instructed the minister of finance to consider arrangements to minimise risk.Marcel Thieliant of Capital Economics warned the Middle East conflict was likely to impact data going forward."Japan's economy approached the Iran war with solid momentum but we think that GDP growth will grind to a halt this quarter and next," he wrote in a note.Japan has been trying to stem rising oil prices with government subsidies, but the nation is likely to feel the full impact of soaring energy prices in months ahead, Thieliant said.The country depends on the Middle East for around 95% of its oil imports.Already consumer confidence has begun to slump, Thieliant added.The Bank of Japan (BoJ) said it expected consumer prices to rise 2.8% in the current fiscal year, compared with the 1.9% previously forecast, due to the impact of the conflict. It lifted next year's outlook to 2.3% from 2.0%.This could prompt it to raise interest rates as early as June.It also slashed its fiscal 2026 growth forecast to 0.5% from 1.0%, and for next year trimmed its projection to 0.7% from 0.8%.Taro Saito of the NLI Research Institute said that "disruptions in logistics will trigger production adjustments, while the deterioration of terms of trade due to soaring crude oil prices will put downward pressure on corporate profits and the real purchasing power of households".Expectations of monetary tightening, along with concerns over Takaichi's fiscal policy, have helped drive a sharp rise in Japanese government bond yields in recent days.Japan is also believed to have spent tens of billions of dollars in the market to boost the value of the yen, which has weakened in recent months due to the global uncertainty, as well as the gap between US and Japanese interest rates.A weaker yen makes the cost of imports more expensive in Japan, which relies on foreign countries for much of its energy and food needs. 

With non-hydrocarbon sector spearheading expansion, Qatar’s GDP growth has been forecast to rise from 2.7% this year to 3.2% in 2026, according to Kuwait-based banking group NBK.In its latest economic insight titled ‘Macroeconomic Outlook 2026-2027’, NBK noted that there will be gains, especially in Qatar’s trade and services segments.Tourism stands out, with visitor arrivals and hotel occupancy rates increasing year-on-year, leveraging the country’s FIFA World Cup and events legacy.The outlook is supported by investment and reform momentum under the Third National Development Strategy (NDS3), which aims to shift economic growth from the public to the private sector by developing clusters in manufacturing, logistics, and tourism, alongside the LNG expansion plan with positive spillovers.Falling borrowing costs amid monetary easing should also lift consumption and credit demand.Meanwhile, NBK holds a conservative estimate for hydrocarbon sector growth (2.2% in 2026) due to slower LNG train rollout from the North Field East Expansion project, expected in H2, 2026.LNG capacity will rise significantly after that, increasing by 63% to 127mtpy by 2028. Inflation will average just 0.4% in 2025 amid deflation in housing rentals and transportation, accelerating to a still-contained 1.4% in 2026.Higher expenditures and lower energy receipts should see the public finances slip into a modest deficit in 2025-2026 of less than 1% of GDP. This will likely be short-lived as gas production ramps up in 2027, bringing sizeable volumetric gains to LNG exports.Public debt will continue trending lower (to 38.4% in 2026), supported by robust nominal GDP growth.Risks to the outlook include lower energy prices, reflecting a potential global economic downturn, and regional geopolitical hostilities (which materialised for a while in 2025 during the regional war albeit with limited economic impact for Qatar on that occasion).Large sovereign assets, NDS reforms, and a strong track record on project delivery bolster resilience and strengthen the outlook.“Economic growth in Qatar, Bahrain and Oman is forecast to mostly improve in 2026, lifted by looser monetary policy and sustained government reform drives.“A softer oil price environment will weigh on Bahrain’s fiscal accounts, with the deficit on a widening path despite consolidation efforts.“Meanwhile, Oman’s successful reform rollout continues to improve its economic prospects with nonoil growth accelerating. In Qatar, the outlook remains robust with solid non-hydrocarbon sector growth rates and imminent, albeit slightly delayed, inauguration of LNG expansion plants,” NBK said. 

The World Bank expects Qatar's real GDP growth to reach 2.8% in 2025, with public fiscal surpluses remaining strong.The World Bank's report, released on Thursday under the title "Digital Transformation in the Gulf: A Powerful Driver of Economic Diversification," states that non-oil sectors in Qatar have maintained their strength even amid declining oil and gas prices. It adds that the expansion of the North Field will drive a substantial increase in liquefied natural gas (LNG) production, further strengthening Qatar's role in meeting global market needs.The report highlights three key themes: the evolution of economic diversification indicators over the past decade; tracking macroeconomic developments; and spotlighting digital transformation, all against a backdrop of global uncertainty and oil market volatility.The report reviews the progress of economic diversification efforts across GCC countries over the past decade, noting moderate advancement, with some promising recent indicators. However, the report stresses that the oil sector still dominates, shaping economic conditions, development strategies, and national plans.Meanwhile, non-oil exports remain modest, with chemicals topping the list, indicating that the process of shifting away from oil dependence still requires sustained efforts.The report also highlights the rapid digital transformation underway in the Gulf and the accelerated adoption of artificial intelligence.GCC countries boast high-quality telecommunications networks, with over 90% 5G coverage and affordable high-speed Internet. Significant investments in data centres and high-performance computing are strengthening AI readiness.Progress is further supported by robust ecosystems of incentives, finance, and innovation, as well as the adoption of generative AI applications within government operations.Commenting on the findings, World Bank's Division Director for the GCC countries, Safaa El Tayeb El Kogali, stated that diversification and digital transformation are no longer luxuries; they are necessities for long-term economic stability and prosperity. Strategic investments in non-oil sectors and innovation will be essential for sustaining growth and economic resilience.She added that the digital leap achieved by GCC countries is remarkable. Strong infrastructure, growing computing capabilities, and expanding AI talent pools position the region for leadership and innovation, provided environmental and labour-market challenges are addressed proactively.The report also points out that women's participation in STEM fields in the Gulf exceeds the global average, boosting the region's digital competitiveness. To maximise the benefits of diversification and digital transformation, the Gulf Economic Update recommends supporting SMEs in adopting AI to strengthen the innovation landscape and implementing skills-training programmes to address labour-market gaps.The report stresses that regional co-operation in digital infrastructure and the creation of AI centres of excellence are crucial to building unified digital markets and driving transformation across the Middle East, North Africa, Afghanistan, and Pakistan. 

Reem Mohammed al-Mansoori, who serves as Assistant Undersecretary for Digital Community Development at the Ministry of Communications and Information Technology, affirmed that the digital economy represents the future of growth, and that the State of Qatar is working to diversify its economy and enhance the contribution of the ICT sector to GDP, in line with Qatar National Vision 2030.Speaking during a session on designing the experiences economy at the MWC25 Conference in Doha, al-Mansoori said that the national digital transformation strategy for the next five years has set a clear target of having the ICT sector contribute 4 percent to GDP growth. She noted that the national digital agenda has laid the foundation for achieving an experience economy and creating a new generation of services based on data and artificial intelligence.She highlighted that Qatar has given high priority to AI technologies, launching a national strategy to build an infrastructure for sovereign AI, in addition to developing smart services across key sectors. She pointed to the completion of digital transformation roadmaps in infrastructure, tourism, healthcare, transportation, and logistics.Al-Mansoori added that the State of Qatar has successfully developed a highly advanced national digital platform based on cloud infrastructure, after attracting global cloud providers such as Google and Microsoft to establish data centres capable of supporting various sectors and enabling them to deliver digital solutions more quickly and efficiently.Regarding the sports sector, the Assistant Undersecretary explained that it was among the priority sectors for digital transformation in recent years. The ministry worked with partners to develop an integrated digital ecosystem that contributed to the success of the fan experience during the FIFA World Cup Qatar 2022, through visitor-tracking systems, smart guidance applications, and fan engagement platforms.She said that the digital legacy of the World Cup has been capitalised on and developed within the tourism strategy, which aims to attract 6mn visitors annually and achieve QR34bn in tourism spending by 2030.She noted that the State of Qatar is redesigning its tourism-service ecosystem to deliver a comprehensive and innovative experience for visitors and residents, within the framework of the experience economy.On the development of digital skills, she underlined that the biggest global challenge lies in attracting talent. She noted that the Digital Agenda 2030 aims to create 26,000 new jobs in the digital economy, which requires collaboration with the education ecosystem, talent reskilling, and the launch of new programmes to attract specialists, including the recently announced digital-talent visa.In concluding her remarks al-Mansoori stressed that economic prosperity is the true measure of digital transformation success. She emphasised that every technological project or investment in the country must contribute to improving quality of life, supporting economic growth, and achieving Qatar’s long-term vision.

Qatar’s economic rebalancing towards consumer-facing and productivity enhancing sectors has "reshaped" employment landscape, leading to its realty sector become demand-driven rather than project-led, according to Knight Frank, an international independent property consultancy.While construction remains an important component of GDP (gross domestic product), its share has gradually declined from 13.4% in 2021 to 11.3% in 2024, as other sectors have gained in prominence, it said in a latest report. Output in accommodation and food services, arts and recreation, logistics, and real estate has expanded sharply since 2022, reflecting "Qatar’s successful effort to rebalance economic activity towards consumer-facing and productivity enhancing sectors", it said.This reorientation is also reshaping the employment landscape, with a growing proportion of jobs emerging in tourism, logistics, and digital services, according to Knight Frank. "As a result, the underlying fundamentals supporting the real estate market, from retail and hospitality to residential and commercial space, are becoming increasingly demand-driven rather than project-led," the report said.Frank highlighted that Qatar’s economic outlook remains "positive", underpinned by strong macroeconomic fundamentals, an expanding population, and a clear policy agenda centred on diversification and sustainability.Population growth is reinforcing domestic demand, it said, adding the number of residents aged 15 years and older has grown at a CAGR (compound annual growth rate) of 3.1% between 2022 and 2024, against just 0.9% in the preceding six years. "This expansion, combined with new long-term residency schemes such as the Mustaqel five-year visa, is fostering greater residential stability and supporting housing demand, particularly among skilled expatriates and entrepreneurs," it said.The continued execution of third National Development Strategy (2024–30) is expected to accelerate private sector participation, unlock new growth clusters in logistics, tourism, and digital services, and sustain long-term investor confidence, it said. "For the real estate sector, these dynamics translate into a supportive operating environment, steady demand for residential and hospitality assets, growing interest in industrial and logistics space, and a pipeline of mixed use projects, aligned with Qatar’s urban and economic transformation agenda," it said. Finding that strong fiscal management remains a cornerstone of Qatar’s resilience story; it said despite lower hydrocarbon prices in 2025, the government’s fiscal position remains comfortably above breakeven levels, with the IMF (International Monetary Fund) estimating a fiscal breakeven oil-equivalent price of $44.7 per barrel.Public debt has fallen from 72.6% of GDP in 2020 to 40.8% in 2024, and is projected to decline further by the end of 2025, reflecting pragmatic budgetary control and effective debt servicing strategies.

The gross domestic product (GDP) of Gulf Cooperation Council (GCC) countries at current prices reached $588.1 billion at the end of the first quarter of 2025, compared with $570.9 billion in the same period of 2024, reflecting a 3% annual increase, according to data issued by the GCC Statistical Center (GCC-Stat). The statistics indicated that non-oil activities contributed 73.2% to the GCC's GDP at current prices by the end of the first quarter of 2025, while oil activities accounted for 26.8%. At constant prices, the GCC's GDP recorded marginal quarterly growth of 0.1% in the first quarter of 2025, compared with $587.8 billion in the fourth quarter of 2024. The figures highlight the region's continued progress in diversifying its economic base, supported by sustained expansion in non-oil sectors across member states.

Qatar's GDP (gross domestic product) growth is seen nearly doubling to 4.8% in 2026 on "significant" liquefied natural gas (LNG) output through North Field expansion, boosting fiscal surpluses and supporting business optimism, according to the Institute of Chartered Accountants of England and Wales (ICAEW)."We project Qatar’s GDP growth at 2.7% for this year and 4.8% for 2026," said the ICAEW Economic Insight Q3 2025 report, produced by Oxford Economics.Industrial output data for the second quarter or Q2 showed a 2.4% year-on-year growth, spurred by stronger mining production, although this comes off a low base from last year, said the economic update.The July report from the Gas Exporting Countries Forum showed LNG production trends are supportive of exports and "we think activity will improve in the remainder of the year, before surging in 2026 as planned projects are completed."Qatar targets LNG capacity target of 142mn tonnes per annum (Mtpa) by end-2030; up nearly 85% from the current 77 Mtpa, and up 13% on the intermediate target of 126 Mtpa by 2027.The first production boost will come from the North Field East project by mid-2026, followed by the North Field South phase of the expansion. The North Field West phase is in its early stages, with construction likely to begin in 2027.The expansion of the North Field gas project means the energy sector will play a more prominent role in the next five years, boosting the government's ability to support the economy, according to the update."We expect Qatar to run a budget surplus of QR14.1bn (1.7% of GDP) this year and see the surplus more than tripling in 2026, thanks to the LNG production boost," ICAEW said.This is despite a cumulative deficit of QR1.3bn in the first half (H1), 2025; reflecting a rise in public spending against the backdrop of hydrocarbon revenue headwinds, it said.Businesses remain optimistic about the outlook despite uncertainty over demand and recent PMI (purchasing managers’ index) prints have held above the H1 average of 51.1, owing to ongoing labour market strength,"We continue to project an expansion of 3.6% in the non-energy economy this year and expect a similar pace of growth in 2026," it said.The outlook continues to benefit from improvements in the regulatory framework and business environment, which have helped elevate the country's competitiveness ranking by two places to ninth globally in the latest IMD competitiveness index.Forecasting Qatar’s inflation to average 0.4% this year but set to rise above 2% in 2026; it said Qatar has the second-lowest rate of inflation in the Gulf Co-operation Council (GCC) region, behind that of Bahrain. Food and communication are the key drivers of Qatar’s inflation, it said.Finding that prices are lower than last year across most of the CPI (consumer price index) basket, though the drag from the housing and utilities category "is easing, albeit remaining substantial", it said "we expect the impact of these disinflationary forces to gradually fade over time."With the US Federal Reserve resuming interest rate cuts in September and pencilling in a cumulative reduction of 125 basis points by end-2026, it said Qatar Central Bank is slated to follow suit, which will support credit expansion and spending.

Universal healthcare coverage for all citizens is a challenge for all governments. The better the treatment and freer the access, the longer the waiting lists. There is invariably a case of finite resources trying to meet demand that is effectively infinite, or at least inexorably rising. Healthcare inflation has outstripped general inflation, reaching 10-12% in many countries, and people’s expectations of both availability of health services and the standard of care rise. Also, increased life expectancy can mean that people are living longer, but sometimes with chronic conditions. Qatar is pursuing a smart policy of boosting private sector healthcare and health tourism while maintaining universal coverage. Can it square the circle of combining quality and accessibility? So the approach of Qatar merits attention. Health is a national priority beneath the Qatar Vision framework. State provision is of a high standard, through the Hamad Medical Corporation. The HMC runs the country’s principal not-for-profit hospital, the Hamad General Hospital, which is to be the subject of a major three-year renovation programme. While services will remain open during the refurbishment, some outpatient and inpatient services will be relocated. Renovation will include upgrading buildings for inpatients. There will be single rooms, higher standard facilities and investment in new technology. During the renovation, Ministers have perceived an opportunity to maintain or enhance health services for citizens and expats, while boosting the private sector and developing health tourism. In May HE the Minister of Public Health Mansoor bin Ebrahim al-Mahmoud met representatives of the insurance sector, as part of a policy to encourage the development of health insurance. In 2013-2015 the Government set up a state-run insurance scheme called SEHA, but there were problems with costs and over-claiming, subsequently it perceives partnership with private insurance providers as a superior approach. Meanwhile, the Government has signed contracts with four private sector hospitals to provide treatment for uninsured patients on public hospital waiting lists. The state will pick up the cost in full. This reduces waiting lists while helping to develop private sector provision, in terms of both quality and scale. An additional advantage in developing a strong private medical sector is to make Qatar a favoured destination for health tourism. This was confirmed at the Qatar Economic Forum 2025, held in May, where HE Saad bin Ali al-Kharji, the Chairman of Qatar Tourism, said that positioning Qatar as a destination for health tourists was a strategic aim. Major investment in hotels, transport facilities and other key aspects of infrastructure in preparation for the FIFA World Cup in 2022 means that facilities in the country are world class. In addition, there is a high-quality, well-regarded national airline. Private sector hospitals have high-standard facilities and highly skilled doctors, helped by a favourable visa programme. Health spending has reached 12% of the national budget, which is high by international standards. There is investment in technology, including specialist AI applications that can help with diagnosis and treatment. Qatar is preparing a medical visa programme, to smooth the bureaucracy for a health tourist visitor. Omar al-Jaber, head of the Tourism Development Sector at Visit Qatar, has stated that this measure will encourage visitors for wellness and preventative treatments at resorts, as well as advanced medical procedures such as surgical operations. All the elements are in place for Qatar to compete directly with other nations that attract health tourists, such as Singapore, Dubai and Thailand. This sector is long-established globally, and has become diversified to include wellness destination and places for recuperation. Qatar now hosts a centre, the Zulal Wellness Resort, run by the Chiva-Som branded wellness retreat, established in Thailand 30 years ago. In terms of tourism, Qatar has been successful in attracting visitors for stopover tours, helped by the high reputation of Qatar Airways and the geographical location of the Gulf in between major continents. Health tourism and wellness stays would typically be longer than the four or five days of a stopover visit. Attention has been paid to every aspect of a tourist’s visit: transport infrastructure, quality of hotels, friendliness of welcome, cleanliness of resorts, personal security and quality of attractions. There is a target for the Qatar state to attract 6mn-7mn visitors by 2030, with tourism reaching 15% of GDP. Helped by investment in healthcare as well as infrastructure for vacation visits, this is looking like a feasible target. The author is a Qatari banker, with many years of experience in the banking sector in senior positions.

Qatar’s GDP growth will more than double in 2026-2027, with both the energy and non-energy sectors contributing positively this year and beyond, according to Oxford Economics.The researcher’s 2025 GDP growth forecast is unchanged at 2.4%, similar to the pace of expansion last year. However, trade-related uncertainty will remain a headwind to global demand, it said in a country report.Oxford Economics thinks growth in Qatar’s energy sector will remain modest this year, following a 0.6% expansion in 2024, before picking up strongly in 2026-2027.According to Oxford Economics, Qatar isn't involved in the OPEC+ pact on production quotas and its oil output has been relatively flat in recent years, at around 600,000 barrels per day.Last year, the authorities doubled down on the North Field gas expansion project, which will have a positive medium-term impact. Qatar raised its liquefied natural gas capacity target to 142mn tonnes per year by end-2030.This is up nearly 85% from the current 77mtpy, and up 13% on the intermediate target of 126mtpy by 2027. The first production boost will come from the North Field East project by mid-2026, followed by the North Field South phase of the expansion.The North Field West phase is in its early stages, with construction likely to begin in 2027.Qatar is also making progress in contracting future gas output. The government has signed long-term supply contracts with India, China, France, Germany, Hungary, Kuwait, and Taiwan, and is negotiating a deal with Japan.Output data (reported in April this year) showed the non-energy economy expanded by 3.4% last year, and the researcher projects the same pace of growth in 2025.The 2025 budget targets a deficit of QR13.2bn (1.6% of projected GDP). The authorities plan to raise spending by 4.6% relative to last year's budget and 1.2% relative to realised expenditure, with a strong focus on development in education and healthcare. The bill assumes an average oil price of $60/barrel.It projects a surplus of QR23bn (2.8% of GDP), larger than the surplus of QAR5.6bn (0.7% of GDP) realised in 2024. The researcher sees the balance improving to 5.7% of GDP next year amid the LNG production boost.Oxford Economics also noted tourism has provided significant support to non- energy growth and will remain a driver of future activity and employment.Qatar welcomed 5.1mn overnight arrivals in 2024, a 25% increase on 2023 and 138% higher than 2019 levels. The launch of the pan-GCC visa will likely help extend the positive performance and we forecast arrivals to increase to 5.3mn this year, it said.

Nations, like men, are measured not by what they inherit but by what they dare to imagine. His Highness the late Father Amir Sheikh Hamad bin Khalifa al-Thani imagined more for Qatar than geography or history had any right to promise — and then, with a builder’s patience and a visionary’s impatience, he delivered it.   Consider the country he assumed in June 1995: oil output in decline, a peninsula on the margins of the world’s attention. Consider the country he handed over on June 25, 2013: the world’s largest exporter of liquefied natural gas, its GDP multiplied 24-fold, its voice carried into every Arab home by a broadcaster he willed into being, its flag destined to fly over the first World Cup on Arab and Muslim soil. Eighteen years — one lifetime’s ambition compressed into less than a generation.   The figures are staggering, but figures were never the point. Sheikh Hamad understood that gas beneath the seabed is merely potential; it becomes destiny only when converted into schools, hospitals, museums and moral standing. Ras Laffan was one monument. Education City another. The Museum of Islamic Art, rising from the water like a prayer in stone, a third.   And he understood something rarer: that a small state’s greatest export can be its conscience. The Doha Agreement that pulled Lebanon back from the abyss in 2008. The patient diplomacy between Djibouti and Eritrea, between Palestinian factions, between the Taliban and Washington. And in October 2012, when Gaza suffocated under siege and the world averted its gaze, he became the first head of state to walk its broken streets.   Today the flags hang heavy, and grief sits in every Qatari majlis. But grief must share the room with gratitude. The towers of West Bay, the trains beneath Doha, the very confidence with which this nation carries itself — all of it bears his signature. The nation he taught to dream now owes him its finest tribute: to keep dreaming, and to keep building, exactly as he showed us how. May Allah rest his soul in eternal peace.