Qatar sees robust economic growth

Qatar expects to enjoy another year of robust economic growth in 2001 despite a global economic slowdown and lower oil prices, economists say.

Gross domestic product (GDP) in 2001 is projected to grow nominally by five per cent and Qatari per capita income to rise by 2.3 per cent to $28,792 - one of the world's highest.

"Qatar's GDP growth has reached record levels in recent years, with the (higher) price of oil and increased liquefied natural gas (LNG) exports," said a report released by the semi-government Qatar National Bank (QNB).

The state, with a population of 600,000 - three-quarters of them foreigners - has earmarked $50 million to host the World Trade Organisation (WTO) meeting, its biggest international event as it actively tries to boost its image as a regional and international player.

It has successfully hosted two major regional summits - the Middle East and North Africa (Mena) and the Organisation of the Islamic Conference (OIC) - in the past four years.

Oil and gas exports account for 70 per cent of Qatar's income.

In 2000, the economy surged nearly 35 per cent as sharp increases in oil prices and the doubling of LNG sales propelled overall exports by 61 per cent to 42.2 billion riyals ($14.1 billion).

The country's balance of payment closed the year with a record surplus of 12.9 billion riyals.

QNB expects export revenue in 2001 to drop slightly to 41.6 billion riyals because of the decline in oil prices, but the balance of payment will still be a decent 9.9 billion riyals.