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International Monetary Fund chief hails Qatar’s robust non-oil growth

By QLNews

Qatar has always prided itself for its ability to branch out to non-oil and gas sectors as well. As a result, Qatar has become the go-to nation when it comes to international sports and education.

And now, the International Monetary Fund (IMF) has hailed the country’s robust non-oil growth as a testament to its successful diversification policies, reported Gulf Times.

IMF Managing Director Christine Lagarde hailed Doha’s sustained proactive strategic reforms despite complacency in the Middle East owing to recent strengthening of oil prices.

An IMF projection suggests that Qatar’s real gross domestic product (GDP) is slated to expand 3.1% this year, which is higher than the GCC average of 2.2%. Doha's non-oil (real) GDP is expected to grow 1.4% compared to a higher 4.7% in the non-hydrocarbon real GDP.

Lagarde, attending a roundtable discussion on ‘Strategic Outlook: Qatar in its New Era,’ at the Qatar University, said that the country’s growth in the non-oil sector is pretty much on a par with the non-oil growth of oil importing countries.

“I spoke to HH The Emir Sheikh Tamim bin Hamad Al Thani and he explained to me the focus on diversification and determination on reforms will continue,” she said, adding that Qatar is an important partner of the IMF, reported The Peninsula.

She said the rise in oil prices would further boost Qatar’s economic diversification process. She also opined that Qatar's efforts to increase participation of the private sector in national economy are in the right direction.

However, the top official said that more efforts were needed to reach a balance between the country's public and private sectors, according to Qatar Tribune.

The IMF chief said global economies in general and the GCC economies in particular seem to have worked for growth. The global economy is in a sweet spot as recovery has taken roots in many corners of the world, she added.

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