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Qatar- Economic Situation and the Effect of the Current Economic Crisis:
Qatar remains an emerging market and shows to be the least affected country in the region and one of the least affected worldwide. A slow-down is mainly seen in high-rise and residential building construction, more in particular the Private Sector.
Downward Growth Revision But Stable Policy*
The global macroeconomic outlook has taken a considerable turn for the worse over the past few months and we now see global growth coming in at just 2.0% in 2009 and 3.5% in 2010, although risks are to the downside. We do not see Qatar as being able to insulate it self from the economic slowdown, and as such have revised downwards our growth forecasts for the emirate. Nonetheless, we still expect the Qatari economy to be the fastest growing in the GCC in 2009 and throughout the forecast period.
The government will continue to pursue a proactive foreign policy while, domestically, political stability will be the watchword.
We have revised down our growth forecasts for Qatar on the back of a sharp deterioration in our global macroeconomic outlook. We see real GDP growth coming in at 5.8% and 6.4% in 2009and 2010, respectively, and averaging 7.1% between 2009 and 2013.We expect the oil and gas sector to remain the driving force of the economy, contributing more than 50% of nominal GDP throughout the forecast period. Indeed, non-oil economic growth will slow markedly in 2009 before recovering the following year. Our expectations for lower oil prices in 2009 will mean that Qatar's budget and current account surpluses will shrink considerably.
[official source]
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