Qatar’s GDP per-capita this year is expected to be above $81,000, the highest among the GCC countries, Doha Bank CEO Dr R Seetharaman has said.
Seetharaman said Qatar’s economy is expected to grow by more than 7% in 2015. The construction sector is expected to witness a double-digit growth this year, thereby supporting the non-hydrocarbon sector diversification.
On major opportunities in Qatar, he said, “Projects worth more than $31bn are expected to be bid in 2015. The major sectors, which are expected to witness activity, include the construction and transport sectors. Qatar’s recent interim budget has earmarked $18bn for major projects in health, education, infrastructure and transportation as well as projects related to FIFA 2022.”
On GCC economies, he said “According to IMF April 2015 outlook, Saudi’s growth for 2015 is at 3% in 2015. The UAE’s growth for 2015 is estimated at 3.2% in 2015; Oman 4.6%, Kuwait 1.7% and Bahrain 2.7%. The fall in oil prices will have an impact on growth. GCC GDP at current prices will exceed $1.4tn in 2015."
On global economy, he said, “According to IMF April 2015 outlook, global growth has been forecast at 3.5% in 2015 and 3.8% in 2016 respectively. Global growth in 2015 will be driven by a rebound in advanced economies. After a weak 2014, growth in the euro area is showing signs of picking up in 2015. However Greece concerns remain. Growth for emerging and developing economies is projected at 4.3% in 2015.”