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Posted On: 25 October 2008 12:48 pm
Updated On: 12 November 2020 02:08 pm

Qatar inflation to fall next year: IMF

Khalifa Al Haroon
Khalifa Al Haroon
Your friendly neighborhood Qatari
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Qatar's oil and non-oil GDP growth will fall from the estimated 14 percent this year to 12.4 percent in 2009 while consumer price inflation will dip from the projected 15 percent this year to 13 percent next year, according to an International Monetary Fund report (IMF) on the world's economic outlook. The country's nominal GDP will rise from the projected $116.9bn this year to an estimated $144.1bn next year, according to the IMF. Qatar's projected official reserves stand at an estimated $13.8bn but is expected to jump to $19.6bn next year. The current account balance as a percentage of GDP is pegged at 42.9 percent this year and expected to decrease to 35.6 percent in 2009.Current account balance in dollar teams is projected to rise to $51.3bn next year from the projected $50.1bn at the end of this year. Imports of goods and services will rise from $36.5bn this year to a massive 47.2bn next year. Exports are projected to rise from $89.6bn to $101bn next year. Total government debt as a percentage of GDP is projected to drop from 5.8 percent to 4.1 percent next year. Government expenditure and net lending as a percentage of GDP will drop from the estimated 26 percent his year to 25.7 percent in 2009. Projected oil production will remain static at the present 900,000 barrels a day, as per IMF estimates. Oil-exporting countries like Qatar are expected to continue to expand this year supported by oil prices that are still high relative to historical averages and a pick-up in oil production compensates for a moderate slowdown in non-oil activity. The IMF said: "To reduce effects from the global credit crisis, continued efforts are needed to boost the resilience and flexibility of the region's financial sector. In particular, policy-makers should aim to strengthen the banking system further and remain vigilant to any effects from the global credit crisis," said the report. The Pen