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Qatar has demonstrated considerable resilience in recent years, successfully developing new homegrown industries while at the same time strengthening its global ties. Although Covid-19 has introduced significant economic uncertainties in 2020, a rapid response from Qatar's authorities to curb the effects of the virus should stand the nation's economy in good stead over the medium and long term.
How can the implementation of the QRDI 2030 strategy help enhance the local research, development and innovation (RDI) ecosystem?
As oil prices reach 7.5-year highs, a number of countries in the Middle East have unveiled fiscal measures designed to balance their budgets after two years of pandemic-related spending.
On the back of higher oil prices and a stronger global economic environment, the Middle East returned to growth in 2021, with a number of governments taking the opportunity to implement long-term plans aimed at diversification and modernisation.
The disruption to daily life created by the pandemic has precipitated an acceleration of the digital transformation process already under way in the corporate sector in Qatar, with private firms waking up to the potential to enhance productivity and generate new revenue streams through digital solutions.
Backed by a high credit rating, advanced oil and gas production and storage capacity, and a deep sovereign wealth fund, Qatar was able to tap international debt markets to fund an effective economic response to the pandemic, while its relatively small population was well served by a modern health care system guided by clear government policy geared towards prevention as well as treatment.
– Economies in the region were hit by reduced trade volumes and lower oil prices
– Governments launched extensive stimulus packages to stabilise their economies
– Short-term recovery will be tied to oil prices and the resumption of travel
– The pandemic looks set to accelerate economic diversification efforts
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