Qatar fastest growing economy in GCC: Expert

Dubai

Qatar is the fastest growing economy among the Gulf Cooperation Council (GCC) countries and it is expected to grow by more than 7 per cent this year, according to a noted banker.

Doha Bank Group CEO R Seetharaman gave insight on GCC economies and said Qatar's economy is expected to grow by over 7 pc in 2015.

"According to IMF April 2015 outlook, Saudi's growth is at 3 pc. The UAE's growth is at 3.2 pc, Oman's growth is 4.6 pc, Kuwait's growth is at 1.7 pc and Bahrain's economy is expected to grow at 2.7 pc this year. The fall in oil prices will have impact on growth. GCC GDP at current prices will exceed USD 1.4 trillion in 2015," he said.

"Construction sector is expected to witness a double digit growth this year, thereby support non-hydrocarbon sector diversification. Qatar GDP per-capita in 2015 is expected to be above USD 81,000 which is highest among GCC," Seetharaman said.

Projects worth over USD 31 billion are expected to be bid in 2015, he said.

"The major sectors which are expected to witness activity include construction and transport sectors. Qatar's recent interim budget has earmarked USD 18 billion for major projects in health, education, infrastructure and transportation as well as projects related to FIFA 2022," Seetharaman said.