We've lowered our 2025 GDP growth forecast for Qatar by 0.2ppts to 2.4%, in line with the pace of expansion last year, which revised data showed was slightly weaker than initially reported. We think the impact on Qatar's economy of the recently announced 10% US import duty will be muted given Qatar's goods exports to the US account for less than 2% of its total exports. Still, we think trade-related uncertainty will weigh on near-term external demand and investment. We project GDP growth will pick up to 4.9% in 2026.
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