Qatar’s economy has proved to be resilient in the face of an embargo by its neighbors and lower oil prices, the International Monetary Fund said on Monday.

Doha is subject to a two-year long Saudi-led economic boycott over its alleged support for Islamist movements and Iran — charges Qatar denies.

“Economic performance improved in 2018. Qatar’s economy has successfully absorbed the shocks from the 2014-16 drop in hydrocarbon prices and the 2017 diplomatic rift,” the IMF said in a statement. “Real GDP growth is estimated at 2.2 percent, up from 1.6 percent in 2017.”

The IMF statement, which comes just two days before the second anniversary of the Saudi-led embargo, follows a routine economic assessment required by Qatar’s membership of the Washington-based organization.

Saudi Arabia, along with its allies the United Arab Emirates, Egypt and Bahrain, have taken several economic measures against Doha since June 5, 2019 in a bid to force a change in Qatar’s behavior.

Source: AFP