Economy & Business Thursday, April 30, 2020 09 Air traffic Qatar’s virus package, mega projects plunges 53% in March, take centre stage in OBG report says IATA AFP Tourism has been identified as one of the sectors of Qatar’s economy with high-growth potential World air traffic suffered a massive drop of more than Tribune news network covered from the economic half in March compared with impact of lower oil prices the same period last year in 2014-16 and the ongoing thanks to coronavirus-related Qatar’s bid to continue di- blockade suggest the coun- travel restrictions, the airline versifying its economy, while try is well placed to reach the industry’s trade body said introducing a QR75 billion longer-term goals outlined in Wednesday. ($20.6 billion) stimulus pack- its development plan, the Na- The 52.9 percent drop age to ease the impact of the tional Vision 2030.” when measured by total rev- Covid-19 pandemic, is ex- Jana Treeck, the Group’s enue per passenger kilome- plored in detail in a new report Managing Director for the tres “was the largest decline by the global research and ad- , agreed that while in recent history, reflecting visory firm Oxford Business currently faces un- the impact of government Group (OBG). precedented challenges from actions to slow the spread of The Report: Qatar 2020 the pandemic, Qatar’s efforts COVID-19”, said the Interna- shines a spotlight on the coun- to keep the fiscal balance in tional Air Associa- try’s list of , many surplus, while also channel- tion (IATA). of which will support the coun- ling funds into areas of the Many of the roughly 290 try as it prepares to host the economy identified as ripe for airlines who are members of 2022 FIFA World Cup. growth, will serve it well. the Association have been It also considers Qatar’s “At $57.8 billion, the 2020 hard hit by the slump in air plans to increase liquefied budget is the highest in over travel demand with much of natural gas (LNG) output by five years, with sectors such as the world in lockdown as gov- around two-thirds, while cush- health and education among ernments fight to limit the ioning the industry against the key beneficiaries,” Treeck spread of coronavirus. the recent fall in demand for said. “With its drive to boost Those airlines together hydrocarbons, fuelled by the LNG production gaining pace represent 82 percent of global coronavirus. and a robust pipeline of ma- air traffic. Key initiatives highlighted Qatar’s decision to sharpen its focus on gas production, after withdrawing from the Organisation of the Petroleum Exporting Countries in early jor projects, both for the FIFA US aerospace giant Boe- include the planned expan- 2019, is given wide-ranging coverage. 2022 World Cup and beyond, ing and British Airways Boe- sion of Hamad International Qatar’s push to broaden its ing have notably announced Airport, which is expected to 126mn tonnes per annum by cal sites and medical facilities. It a detailed sector-by-sector that strong fundamentals and economic base at the start of a this week they expect to make begin this year. Projects un- 2027. In addition, the report also charts the progress made by guide for investors. sound diversification plans new decade looks to be main- thousands of job cuts after dertaken at Qatar’s , and considers the key part that Qa- the authorities since the block- It also features a wide had provided firm foundations taining momentum.” traffic volume fell to levels not the part they have played in tar is poised to play in meeting ade to tap new source markets. range of interviews with other for Qatar’s economic develop- The Report: Qatar 2020 seen since 2006. opening up new trade routes growing glo