Qatar will run its largest budget deficit in four years in 2021 as it tries to shake off the impact of the coronavirus and the drag of lower energy prices on government revenue.
The country will spend 34.6 billion riyals ($9.4 billion) more than it takes in next year, according to a statement from the Finance Ministry on Thursday. The projected shortfall for next year will be the largest since 2017, when countries including Saudi Arabia and the United Arab Emirates severed diplomatic ties with Doha.
Qatar’s deficit is expected to swell even though the world’s largest natural-gas exporter is planning to cut government spending by 7.5% from last year. The budget assumes oil prices will average $40 per barrel, down from $55 per barrel.
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