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Qatar set for biggest budget deficit since Gulf spat

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. 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 per cent from last year. The budget assumes oil prices will average $40 per barrel. Governments across the Persian Gulf have been forced to tighten their belts as receipts from energy sales dropped and non-hydrocarbon economic growth stalled.