(MENAFN- The Peninsula)
Sachin Kumar/ The Peninsula
The exports from Qatar are expected to rise this year as Asian countries are projected to register strong growth this year.
When it comes to exports, Asian countries such as Japan, China, South Korea, India and Singapore take up top slot in Qatari exports. During the third quarter (Q3) of 2020, Asia was the principal destination of Qatar's exports.
According to the figures of the Planning and Statistics Authority, around 80 percent of exports from Qatar went to Asia during the Q3 of last year. Qatar's total exports, during Q3 of last year, were around QR41.08bn.
Of these exports, the exports to Asia were QR32.45bn, which is 79 percent of Qatar's total exports. Total exports from Qatar include exports of domestic goods and re-exports.
The forecast from central banks and government agencies show that all the major economies in Asia are expected to return to growth trajectory in 2021.
Last month, Japan's government raised its economic growth forecast for the next fiscal year. The Japan's government had said in December, that the country's economy is expected to grow 4 percent in fiscal 2021 in price-adjusted real terms, an upward revision from a 3.4 percent expansion estimated in July, 2020.
The World Bank has projected that China's GDP growth will return to its pre-pandemic level to 7.9 percent this year from 2 percent in 2020, in response to improved consumer and business confidence and better labor market conditions.
In case of South Korea, its central bank's forecast for this year is 3 percent, which is higher by 0.2 percentage point from the previous forecast. The Bank of Korea had adjusted its economic growth forecast for last year from negative 1.3 percent to negative 1.1 percent on November 26.
India is expected to rebound to grow 7.9 percent in 2021 after recording a contraction of 9.9 percent last year, according to the Organisation for Economic Co-operation and Development (OECD).
Speaking at the 7th IEF-IGU Ministerial Gas Forum last month, India's Minister of Petroleum & Natural Gas and Steel, Dharmendra Pradhan said that the demand for natural gas and other energies in the country has already returned to pre-COVID-19 levels.
'I'm happy to mention that the energy demand in India, particularly of the petroleum products and natural gas, has returned to pre-COVID-19 level. As the third largest global energy consumer, I am confident that India will continue to remain a key global energy demand centre, particularly for natural gas, he had said.
Singapore's economic growth will rebound in 2021 by the most in a decade.
The economy is expected to grow by 4 to 6 percent in 2021 - the highest since 2011, according to its Ministry of Trade and Industry.
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