(MENAFN) A new economic outlook released by PwC said that even though Qatar is one of the strongest economies in the GCC with an ability to weather the global plunge in oil prices, it needs to focus on its natural gas resources to be able to overcome the current challenges, The Peninsula Qatar reported.
PwC said that with a strong demand from its main LNG export partners in Asia and new gas field developments, LNG has the potential help in dealing with the impact of a prolonged period of low oil prices on the Qatari economy, adding that Qatar currently has a dominant global position in the LNG market, being the largest exporter as of 2013 and having third largest proven reserves.
The outlook also said that it forecasts that the country's inflation will stay at manageable levels, though it might increase due to the huge invest program Qatar is currently implementing as it continues it preparations for the 2022 FIFA World Cup
"We recommend that the authorities continue to strengthen macro-fiscal capabilities in three areas: first, by accelerating the deepening of capital markets and sources of funding; second, expanding the government's revenue base; and finally, managing government expenditure efficiently," PwC Qatar said in the outlook.
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