IMF: GDP continues to grow in Qatar, but at slower pace
Qatar's GDP is set to climb 6.3% in 2012, according to the IMF
Click here to add Central Asia Department as an alert
Disable alert for Central Asia Department,
Click here to add FIFA as an alert
Disable alert for FIFA,
Click here to add International Monetary Fund as an alert
Disable alert for International Monetary Fund,
Click here to add Masood Ahmed as an alert
Disable alert for Masood Ahmed
Real gross domestic product (GDP) growth of 6.3 per cent is expected in 2012, down from 14.1 per cent a year earlier.
That is according to the International Monetary Fund's (IMF) Economic Outlook, which also suggested GDP would slow to 4.3 per cent by the end of next year.
Although the Qatari economy has been bolstered by the increase in liquefied natural gas exports, the country hopes to diversity its strategy to establish more financial investments and a robust tourism industry for sustainable growth.
Director of the IMF's Middle East and Central Asia Department Masood Ahmed said: "The main issue facing the Middle East oil exporters is how to take advantage of their current positive position to strengthen their resilience against oil price declines."
He suggested that the regions would need to diversify its economies to boost private sector jobs creation.
Still, it is hoped that the 2022 Fifa World Cup will not only lead to improved infrastructure, but also help to establish Qatar as a sporting and tourist hotspot.
- Nip, tuck: Dubai's grand plans for being a major player in medical tourism
- Zain, UNHCR, Facebook to bring free internet access to urban refugees in Jordan
- Yemen Central Bank headquarters to relocate from Sanaa to Aden
- IMF report details the crippling economic effects of conflict in MENA
- Start Up Lebanon entrepreneurs head to Silicon Valley Roadshow