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Tue 3 Nov 2009 05:03 PM

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Emir sees Qatar growth at 9% in fiscal year

Gulf state's leader also predicts 16% growth for the following fiscal year - report.

Qatar's economy is set to grow by 9 percent in the fiscal year of 2009/2010 and by 16 percent in the following year, Emir Sheikh Hamad bin Khalifa Al-Thani said on Tuesday.

He admitted that Qatar was "vulnerable" to the negative effects of the global downturn but that it had "adopted numerous measures" to limit the impact.

"Despite forecasts of global financial institutions (that) the growth rates in most developed and developing countries will decline, the growth rate of Qatar's economy in the current fiscal year will reach about 9 percent and a forecast for the coming fiscal year is 16 percent," Thani said in a speech published by Qatari state agency QNA.

"These rates are high comparing to world growth rates. This is indicative of the extent of success of the State of Qatar in dealing with the global economic crisis, by means of the effective utilisation of fiscal and monetary policy tools," he added.

"Like the rest of the world countries, we were vulnerable to the negative effects of that crisis. We found that it is incumbent on us to push forward with the implementation of our defined programmes, according to the prior plans, and continue to achieve the aspired development rates.

"Towards that end we have adopted numerous measures and arrangements, to limit the negative effective effect s of the crisis on us," the Emir said.

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