As the world's largest exporter of liquefied natural gas (LNG), Qatar delivered an impressive economic performance in 2009, despite the global slowdown. Indeed, it had an overall real gross domestic product (GDP) growth rate of 9%, one of the highest in the world, along with China. And according to the latest International Monetary Fund (IMF) Article IV report, Qatar's growth performance is expected to be even stronger in 2010, driven by a rapid expansion in LNG production and related industries, and a pick-up in manufacturing and construction. Real growth in 2010 is set to reach a stunning 18.5%.
Unlike some of its Gulf neighbours, the global financial turmoil and the recent difficulties in Dubai have had little effect on Qatar's banking system. Taken together, the central bank's macro-prudential policies and some decisive government intervention have enabled the banks to maintain high capital, liquidity and profitability levels.
