The 2022 World Cup increased the global visibility of Qatar, led to the development of world class infrastructure, and resulted in a year of very strong economic growth in the nonhydrocarbon sector. The authorities are building on the success of the World Cup to further reform the economy, guided by the recently launched Third National Development Strategy. Nevertheless, the hydrocarbon sector remains central to Qatar’s future. The country is one of the dominant exporters of natural gas, and the North Field expansion will increase liquefied natural gas production capacity.  

Qatar’s medium-term growth outlook is favorable given the major LNG production expansion and prospects for accelerated reforms. Elevated hydrocarbon prices will likely support sizable fiscal and account surpluses assuming continued fiscal prudence. Qatar’s strong fundamentals and large fiscal and external policy buffers can help mitigate any negative impact from global or regional events in the future. 

Based on the International Monetary Fund’s recently published 2023 Article IV report, this event will discuss the economic legacy of the 2022 World Cup, the main factors that will determine the trajectory of the Qatari economy in the coming years (including prospects for the LNG sector), and reform priorities to boost productivity, attract private investment, and move to a more knowledge-based economy while strengthening resilience to climate risks and the energy transition.