Qatar to be one of first countries to 'bounce back' after coronavirus epidemic: IMD

Qatar has ranked sixth on a list of 63, mostly high-income, countries for economic performance and poised to bounce back after the coronavirus crisis.

The ranking, published in the International Institute for Management Development's (IMD) World Competitiveness Yearbook, also placed the Gulf state 14th for competetiveness, ahead of Germany (17) the United Kingdom (19) and China (20).

The IMD based its analysis on national statistics and feedback from business managers in the countries ranked. 

"Landing itself an impressive 14th place globally, Qatar has proven to be impressively resilient to crises. As by the end of 2019 the global economy was already starting to look shaky, and although our rankings show that Qatar was among of the first to show tangible signs of this, compared to other economies, Qatar quickly reacted," Chief Economist at the IMD World Competitiveness Center, Prof. Christos Cabolis, said.

While also dealing with economic damage from the coronivirus pandemic, Qatar has weathered an ongoing Saudi-led blockade which began in 2017 and threatened to derail the state's economic progress.

Three years later, Qatar has reduced its past dependency on food and other essential imports from its Gulf partners and built alternative trade routes.

Doha's economic performance through the twin challenges of the blockade and the virus pandemic has been hailed.

"This is a sign of a crisis resilient economy, especially in the face of a global downturn," Cabolis said of the IMD ranking. 

"We expect Qatar to be one of the first to rebound from the current global situation."

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