Emir of Qatar Sheikh Tamim bin Hamad al-Thani during the 54th Munich
Security Conference on February 16, 2018 in Munich, southern Germany.
The IMF says Qatar's economy has proved to be resilient in the face of
an embargo by its neighbours and lower oil prices. PHOTO | AFP
Qatar's economy has proved to be resilient in the face of an
embargo by its neighbours and lower oil prices, the International
Monetary Fund said on Monday.
Doha is
subject to a two-year long Saudi-led economic boycott over its alleged
support for Islamist movements and Iran – charges Qatar denies.
"Economic
performance improved in 2018. Qatar's economy has successfully absorbed
the shocks from the 2014-16 drop in hydrocarbon prices and the 2017
diplomatic rift," the IMF said in a statement.
"Real GDP growth is estimated at 2.2 percent, up from 1.6 percent in 2017."
The
IMF statement, which comes just two days before the second anniversary
of the Saudi-led embargo, follows a routine economic assessment required
by Qatar's membership of the Washington-based organisation.
Saudi
Arabia, along with its allies the United Arab Emirates, Egypt and
Bahrain, have taken several economic measures against Doha since June 5,
2017 in an bid to force a change in Qatar's behaviour.
A public spat between the two sides erupted
days after the conclusion of regional talks hosted by Saudi King Salman
in Mecca over rising tensions with Iran, dashing hopes of a
rapprochement.
The IMF declared Qatar's banking sector healthy but reported a cooling in the property market.
"After
a period of rapid growth, real estate prices in Qatar are adjusting to
new levels. According to the real estate price index developed by Qatar
Central Bank, following an 82 percent increase during 2012-16, real
estate prices fell by 15 percent during 2017-18," it said.
The
report concluded that "substantial buffers and prudent policies" would
help Doha manage any "rising trade and geopolitical tensions".
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