PwC Report Identifies Qatar’s Key Priorities for Sustainable Economic Growth
Qatar’s economy is expected to continue growing at a steady pace in the coming years, according to a recent report published by PwC titled “Qatar Economy Watch” published in February 20213. The report highlights the country’s ongoing investments in infrastructure and diversification efforts as key drivers of economic growth.
Qatar has experienced a decade of rapid transformational change that resulted in the success of the FIFA World Cup. The PwC ‘Qatar Economy Watch 2023’ report suggests that Qatar is well-placed to capitalise on the investments and legacy of the FIFA World Cup to accelerate its national transformation journey, ensure sustainable economic growth, and continue to build a knowledge-based economy while improving the overall quality of life.
The report also identifies a number of key priorities for the Qatari government, including investments in food security, attracting foreign direct investment (FDI), localizing industries, expanding private sector participation, and attracting and retaining skilled talent.
The report also notes that the Qatari government has made significant efforts to attract FDI and develop new industries. Measures such as the establishment of free zones and special economic zones, as well as tax incentives, have been implemented to support these goals. The government is also focusing on localizing industries and developing local talent and expertise in key sectors such as healthcare, education, and information technology.
One of the government’s top priorities is investing in food security. Qatar, like many countries in the region, is heavily dependent on food imports, which can leave it vulnerable to supply chain disruptions. To address this, the government has established strategic food reserves and developed new agricultural technologies, with the aim of ensuring a stable food supply and supporting economic growth.
Expanding private sector participation is also a priority for the government. The report notes that the government has privatized state-owned enterprises and promoted private sector growth in recent years, and further efforts will be needed to encourage entrepreneurship and innovation.
Attracting and retaining skilled talent is crucial to the development of Qatar’s knowledge-based economy. The report highlights the government’s efforts to establish specialized training programs and develop new visa policies to support this goal.
The report also notes that Qatar’s banking sector remains strong, with high levels of liquidity and capitalization. The government is working to further develop the financial services industry.
Overall, the “Qatar Economy Watch” report provides a positive outlook for Qatar’s economy, highlighting the government’s ongoing efforts to diversify and sustain economic growth. While challenges remain, such as access to financing and the regulatory environment, the report suggests that Qatar is well positioned to continue its economic development in the years ahead.