Qatar’s economic outlook in general and the banking sector in particular for 2020 is very positive, Commercial Bank Group CEO Joseph Abraham said on Sunday.
Speaking at the Euromoney Qatar 2019 conference in Doha, Abraham said, “It has been been a good year for Qatar and the banking sector in particular. The outlook for 2020 looks even more positive.”
“Qatar has absorbed the effects of low oil prices between 2014 and 2016 and the subsequent blockade very well. The country’s announcement to increase its LNG production capacity from the current 77 million tonnes per annum to 126 mtpa by 2027 will play a vital role in boosting the economy” he said.
Besides huge investments to expand the hydrocarbon sector, he said, Qatar’s initiatives to emerge as regional investment and tourism hub, labor reforms, upcoming free and special economic zones will have a positive impact on the economy next year.
“So, we feel that the market is going to grow. We’ve seen the economy growing 1.6 percent in 2017, 2 percent 2018. We expect 2.6 percent and 3.2 percent growth in 2019 and 2020 respectively. We expect substantial growth going forward,” he said.
“The state government and Qatar Central Bank have taken all necessary steps to ensure that banks in Qatar are in good shape. Qatar’s banking sector is very strong. This trend will continue in 2020,” he said.
Abraham said that Commercial Bank is using new technology, methods, and regulations to keep the bank at the forefront of the sector.
“Commercial Bank has consolidated its position as the leader in digital banking in Qatar by embedding digital throughout its operations and introducing new products, services, and business units. The bank firmly believes technology can make customers’ lives easier and cut operating costs by creating efficiencies,” he said.
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