DOHA: Prime Minister and Interior Minister H E Sheikh Abdullah bin Nasser bin Khalifa Al Thani said Qatar’s economic growth is expected rise up to 7 percent this year, up from 6 percent growth recorded in 2014.
The inflation this year is expected to be 3 percent, the Premier said while delivering the opening address at the Institute of International Finance (IIF) Conference here.
Sheikh Abdullah noted non-hydrocarbon sector will be the major driver of Qatar’s future growth. Private sector participation in economic growth will be further accelerated.
Of late, the government has taken a series of steps to ensure a better participation of private sector in local economy. These include establishment of a number of new economic zones and initiatives to support small and medium sized enterprises (SMEs), in addition to introducing legislations to create better business environment.
The Prime Minister said the government’s efforts to diversify the economy are paying off. The non-oil sector achieved a growth rate of 12 percent during 2014 and is expected to further grow in the coming years. The government did not restrict its economic diversification programme in Qatar. Its diversification commitment is also being reflected in the country’s foreign investment programmes.
“We are focusing on investing in quality assets with high returns in order to reduce the government’s dependence on oil and gas revenues and diversify sources of income for the state. The country’s fiscal surpluses were used by the State to invest in various long-term high quality asset classes in order to ensure good returns for future generations,” the Prime Minister said.
Sheikh Abdullah reiterated Qatar’s commitment to continue its investment in key sectors, namely infrastructure, health and education and the transition to a knowledge economy, despite the sharp decline in energy prices in the global markets over the past few months. “Despite the sharp decline in energy prices in global markets over the past few months, I would like to emphasise the commitment of the State of Qatar to continue its investment in key sectors.”, he said.
In the run up to FIFA 2022, Qatar is committed to launch a large number of mega projects amounting to an estimated $200bn over the next seven years.
More than 500 experts from 50 countries, representing top companies, banks, think tanks and sovereign funds are taking part in the two-day conference.
The Peninsula
