Qatar Economic Outlook Issue Number 13

Risks to the Outlook
It is well understood that one of the significant 
risks that may affect the aforementioned 
projections is the extent of success in 
controlling the spread of the Covid-19 
pandemic and its variants (e.g. omicron) 
around the world.
Although the statistical data related to 
vaccination campaigns in the State of Qatar 
published
8
until the end of December 2021, 
indicates that the percentage of the 
population who received the first and second 
vaccination, amounted to about 86.4%, yet, it 
is not unlikely that new waves of mutated 
viruses may erupt in Qatar, as we have 
already seen, has been taking place in many 
developed countries, which have made great 
strides in the field of vaccination campaigns. 
From this point of view, the recovery of the 
Qatari economy for the current year and the 
next year will depend on the extent of: (1) the 
stability of global oil and gas prices, (2) the 
openness of movement, travel, and tourism, 
which will be conducive to hosting of the FIFA 
World Cup, (3) the stability of the global 
inflation rate and the gradual tightening of 
monetary policy by the US Federal Reserve, 
i.e., the gradual lifting of Quantitative Easing 
(QE) policy and raising the interest rates.
 
8
https://covid19.moph.gov.qa/EN/Pages/Vaccination-Program-
Data.aspx
Table 1-7: Qatar's Fiscal and Current Accounts, 2021 and 2023
 
Estimate 
Base scenario 
Medium scenario 
Optimistic 
scenario 
202
0 
Up-
Q3-
2021 
202
1 
202
2 
202
3 
2021 
2022 
2023