(MENAFN- Gulf Times)
Qatar's fiscal balance has been forecast at 7.9% of GDP this year and 9.3% in 2023 by Oxford Economics.
The country's current account surplus, according to Oxford Economics, will be 15.5% of its GDP this year and 14.9% in 2023.
Qatar's real GDP growth has been forecast at 3.6% this year and 3.5% in 2023.
Inflation, the researcher noted, will be 4.3% this year and 2.1% in 2023.
Oxford Economics noted that Purchasing Managers' Index (PMI) for Qatar and Saudi Arabia and the UAE showed ongoing expansion in business activity during September. Saudi Arabia will likely be one of the fastest growing economies in the world this year because of the surge in oil prices.
Although the PMIs have fallen from August, as inflation and tighter monetary conditions impact demand, they still“indicate a resilient domestic economy that is benefiting from the recycling of oil revenues,” Oxford Economics said.
Economic malaise continues for Egypt, with the PMI suggesting output continued to contract in September as high inflation, energy rationing, and import restrictions strangled demand.
Opec+ oil production cut has come at a time when the global economy is slowing, Oxford Economics noted.
Opec+ has cut production by 2mn barrels per day (bpd), following a 100,000 bpd cut last month. The group wishes to counter the anticipated fall in demand caused by high global inflation and an economic slowdown such that oil prices do not continue to fall.
Last month, spot prices fell below $90 for the first time since January.
Saudi Arabia is making further unilateral cuts to maintain sufficient excess capacity in case further economic sanctions are imposed on Russia that further constrict oil supply.
“A likely increase in oil prices will come at an unfortunate time for most of the world economy as soaring inflation and tightening monetary policy is creating a sharp squeeze on household incomes globally.
“As a result, we will be reviewing our Brent oil price forecast and the outlook for Opec+ economies,” Oxford Economics added.
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