IMF: GDP continues to grow in Qatar, but at slower pace

IMF: GDP continues to grow in Qatar, but at slower pace
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Published November 19th, 2012 - 17:08 GMT via SyndiGate.info

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Qatar's GDP is set to climb 6.3% in 2012, according to the IMF
Qatar's GDP is set to climb 6.3% in 2012, according to the IMF
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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.

Oil and gas make up around 85 per cent of export earnings and 70 per cent of government income, with oil reserves set to last for at least 55 years.

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.

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