His Highness the Amir inaugurates Shura Council’s Ordinary Session

His Highness Sheikh Tamim bin Hamad Al Thani, Amir of the State of Qatar, inaugurated the fourth ordinary session of the first legislative term, corresponding to the Shura Council’s 53rd annual session, in the Tamim bin Hamad Hall at the Council’s headquarters this morning.

Opening his address on this occasion, HH the Amir shed light on the national economy, stating: “The local economy continued to grow during 2023, despite the expected decline in growth between 2022 and 2023 for known factors, including those related to the completion of World Cup projects and the accomplishment of basic infrastructure projects. Estimates indicate that the GDP at constant prices has grown by 1.2 percent, supported by the growth of the hydrocarbon sector by 1.4 percent and the non-hydrocarbon sector by 1.1 percent.”

HH Sheikh Tamim bin Hamad Al Thani added: “The International Monetary Fund estimates indicate that the local economy will reach 2 percent by the end of the current year, with growth rates expected to jump to 4.1 percent annually during the medium term (2025-2029), supported by gas production expansion projects, manufacturing projects and the Third National Development Strategy initiatives.”

Addressing inflation, HH the Amir said: “Inflation rates continued to fall during the current year, reaching 1.4 percent by the end of July, compared to 5 percent and 3 percent during 2022 and 2023 respectively, reflecting the success of fiscal policies and measures implemented by the State to ensure the stability of supply chains, the availability of basic commodities, and price control. The International Monetary Fund expects inflation rate to stabilise at 2 percent during the medium term.”

HH the Amir pointed out the State’s ongoing efforts to allocate the general budget’s surplus towards reducing public debt and strengthening financial reserves, adding that this enhances the nation’s ability and resilience to respond to financial challenges that may arise due to energy price fluctuations, or any other economic challenges.

HH Sheikh Tamim bin Hamad Al Thani also added: “The State has managed to reduce the public debt level from nearly 73 percent of GDP in 2020 to less than 44 percent by the end of 2023. The adopted policies have contributed to upgrading the State’s credit rating according to international agencies, while maintaining a stable outlook.”

Elaborating further, HH the Amir said: “The State is committed to maintaining a balanced spending policy that has strengthened its financial position in recent years, while simultaneously promoting national growth and development. It has allocated the necessary financial resources for government initiatives for 2024-2028, prioritising projects that align with the objectives of the Third National Development Strategy.”

HH Sheikh Tamim bin Hamad Al Thani added: “These initiatives include supporting key sectors such as commerce, industry, research, tourism, digital transformation and information technology, as well as improving financial and administrative systems and advancing human development, all aimed at achieving economic diversification and sustainability.”

On foreign policy, HH the Amir, said: “We have consistently prioritised establishing our foreign policy on solid foundations and strong principles to achieve our national goals and interests, which align with our values and reflect our Islamic, Arab and Gulf identity.

HH the Amir added: “Our foreign policy is also based on political realism and a realistic assessment of what we can afford to do. We pursue a dialogue approach and preventive diplomacy, support conciliatory political solutions and peaceful settlement of disputes, and we engage in mediation when that is possible, and this requires the necessary flexibility to perform this role.”