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InterviewsSeptember 1 2015

Resilient Qatar looks to further economic diversification

The drop in oil prices has not hit Qatar's economy particularly hard, and its central bank governor, Abdulla Bin Saoud Al-Thani, is looking to further diversification, a strong banking sector, infrastructure investment and closer ties with China to keep the country in the fast lane when it comes to economic growth.
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Q: How would you characterise the performance of Qatar's economy in 2015?

A: Despite the recent decline in oil prices, Qatar continues to benefit from robust growth, supported by accelerating economic activity in view of the government’s diversification strategy. This growth momentum will continue to be driven by solid expansion in non-hydrocarbon activities propelled by investment spending, an expansionary fiscal stance and population growth. Services will be the largest contributor to growth, followed by construction. The real gross domestic product is expected to grow at over 7% in 2015 as the Barzan gas plant begins production, while inflation is likely to moderate supported by softer global commodity prices. 

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