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Posted On: 23 July 2008 09:57 am
Updated On: 12 November 2020 02:08 pm

Economy to remain on growth path

Khalifa Al Haroon
Khalifa Al Haroon
Your friendly neighborhood Qatari
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Qatar's booming economy is expected to grow with a rise in inflation in the second half of 2008 and beyond leading to further expansion and diversification, according to Oxford Business Group's latest report on the country. The growth has come from both the rise in global oil prices and the success of the government's diversification programme. Qatar's growth over the past five years has been outstanding. The average annual GDP growth has been over 80 percent and GDP at current prices is estimated to have risen from $ 23.5bn in 2003 to $63.8bn in 2007. Small wonder, the Qatari population has become one of the richest in the world, with per-capita GDP in 2007 estimated at $70,754. However, at times the growth can almost seem to be too much. Khaled Mannai, the Executive Director of Mannai Cooperation, told OBG. "The biggest challenges in the market are mainly with assimilation of the tremendous growth. It is important to be able to manage this growth in all areas of business and vitally, to stay ahead of the curve in terms of innovation." The rapid growth is offset by the rising rate of inflation. The rising price level is largely due to Qatar's development, which is seeing immense investment into petrochemicals, real-estate, tourism, education and other sectors as the country seeks to reduce its dependence on hydrocarbons. The Pen