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Qatar grows to be the third largest economy in GCC
Given, its huge natural gas resources, Qatar is all set to be one of the third largest economy in the GCC by 2012, reveals the latest research.
Qatar will be one of the most “macroeconomic picks” by investors in MENA (Middle East North Africa) region, revealed the study titled “blend of opportunities for the World’s fastest growing economy.”
The study says that the national economy is delivering an “impressive performance” amidst sluggish global conditions. The economic growth of the country is good enough to yield a strong growth in economy in 2010, given, the constant expansion of its natural gas sector, the strong countercyclical policy responses by the authorities, coupled with strengthening of external demand. All these factors can lead to a good recovery in the non-hydrocarbon sector.
The study reveals that the Qatar economy is currently riding on a major hydrocarbon expansion boom, with high growth rates. This has been a major factor for strengthening the national economy.
Meanwhile, the development expenditures too are likely to continue supporting growth, as they are likely to grow by 15% in 2009-10 with the government investing in well prioritized, sequenced infrastructure projects.
The government is tendering several large-scale infrastructural projects, including new airport and sea port in Doha, transport networks, and urban regeneration programme under the Public Works Authority.
The fiscal account is likely to remain in comfortable surplus in 2010, while trade and current account surpluses are likely to rebound following comparative declines in 2009, the study said.
The banking system continues to be well capitalized and profitable, with non-performing loans among the lowest in GCC, reflecting both prudent regulation and governmental support to banks during the course of past year.
Posted on 6/7/2010
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