The economy
of the oil-rich Gulf nation Qatar continues to flourish despite a Saudi-led
blockade against the country, according to Saud Bin Abdullah Al-Attiyah,
Executive Director for Economic Policies and Research for the Qatari Ministry
of Economy and Commerce.
“It shocks
the whole world that our economy is strong and that we are benefiting from the
blockade,” said Al-Attiyah.
In 2017,
Qatar boasted a 2.2 % growth in GDP that included more than $57 billion in
exports, and a stock market reached a cap of $130 billion, while national flag
carrier Qatar Airways added more than 25 new destinations for 2017-2018, and
the number of ships visiting Qatari ports increased as new shipping and trade
routes were established.
Al-Attiyah
said there were two or three days of initial shock when the blockade was
announced, but that the government was eventually able to cope.
“Companies
usually go bankrupt in blockaded countries,” said Al-Attiyah. “But Qatar has
respected their contracts, has continued to respect free trade, and is
confident of our economy.”
The Qatari
diplomatic crisis started when Saudi Arabia, Egypt, Bahrain, and the United
Arab Emirates abruptly cut off diplomatic relations and severed transportation
links with Doha after Riyadh accused the Qataris of supporting terrorism and
for siding with Saudi Arabia’s arch-rival, Iran.
“Sanctions
and embargoes are effective only when the whole world adheres to them,” Ted
Bromund, a senior fellow at the conservative US think-tank the Heritage
Foundation, said at an iFreeTrade panel in Brussels on Tuesday, “Regional
sanctions are bound by their nature to be entirely ineffective.”
The
Heritage Foundation’s index of Economic Freedom ranked Qatar 29th – with a
score of 72.6, rating the tiny Gulf peninsular nation as ‘Mostly Free’ – on its
list of countries who are judged by their adherence to the rule of law, size of
government, and market open freedoms,
Daniele
Capezzone, a member of the Italian Parliament, said he thinks blockades don’t
work in the long run.
“These
measures usually strengthen governments instead of weakening them,” said
Capezzone, who echoed the sentiments articulated by Bromund.
https://www.neweurope.eu/article/qatars-economy-thriving-despite-saudi-led-blockade/