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Qatar to report maximum GDP growth rate in GCC during next 5 years

Although the inflation would continue to rise, it will see a gradual slow down during the coming years, predicts the Business Monitor International (BMI), in its latest report of Qatar's economic and financial prospects till end of 2017.

The oil and gas sectors in Qatar will be the major force behind the economic growth, but several investment projects that are in pipeline currently, will promote diversification, the report said.

Qatar hopes to enjoy five years of growth and prosperity, supported by the constant expansion of the oil and gas sectors, and the development in non-oil sectors.

As per the BMI forecast, annual real GDP growth of Qatar will average 9.2 percent between 2008 and 2012.

Being the world’s largest producer of Liquefied Natural Gas (LNG), the Qatari government has ambitious plans to triple output by 2010.

Although tackling inflation is the biggest economic challenge for the government, the inflation is likely to come down to 10 percent (from 16.6 percent) towards end of 2008, easing steadily over the forecast period.

The business sector in Qatar will continue to attract investments from foreigners, as the country offers wealth of opportunities in both oil and non-oil sectors with few security risks.

However, on the negative side, the New Doha International Airport (NDIA) is facing delays, and will not open until 2011, which is two years behind schedule.

Doha is reforming its financial services, for encouraging foreign investment, and the demand would continue to grow, and the property market is likely to remain robust, the report confirms.

Posted on 21/10/2008