DOHA: 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.
He was speaking at a knowledge sharing session in Ahmedabad in India’s Gujarat state on Friday.
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.”
Seetharaman touched upon the Indian economy and said, “The Indian economy grew at 7.3% in 2014-15. The IMF April 2015 outlook expects growth in India at 7.5% in 2015-16.Consumer prices rose 5.01% in from a year earlier in May 2015.
“India’s current account deficit in 2014-15 narrowed to 1.3% of GDP. It can even fall below 1% in the current fiscal on the back of easing of global commodity prices. India achieved a fiscal deficit of 4% of GDP in 2014-15. The fiscal deficit is expected at 3.9% of the GDP in 2015-16 and 3.6% in 2016-17 respectively. In 2014 India attracted $35bn though the FDI route in areas such as electricity, gas, water and waste management.”
Dr Bhaswat Chakraborty, chairman, Confederation of Indian Industry (CII Gujarat) panel on Pharma & Health Care in his welcome address said, “India-GCC relationship is growing stronger by the day as both realise the potential and importance of each other. Trade and commerce is the most important pillar of the India-GCC relationship.
“India’s bilateral trade with Qatar increased from $2.9bn in 2007-08 to $16.3bn in 2012-13. Indian exports to Qatar increased from $538.77mn in 2007-08 to $687.05mn in 2013. Qatar’s exports to India amounted to $15.61bn in 2012-13 compared with $6.89bn in 2007-08.”
