Qatar on way to become advanced economy – IMF

Qatar on way to become advanced economy – IMF
"Qatar's efforts to diversify its economy away from hydrocarbons are paying off"

Mubasher: Qatar is on its way to become an advanced economy, said Managing Director of the International Monetary Fund (IMF) Christine Lagarde, adding that the IMF is ready to support the country’s approach. 

"Qatar's efforts to diversify its economy away from hydrocarbons are paying off, leading to further economic growth," Lagarde added in a roundtable meeting in Qatar University.

The GCC countries are witnessing an improvement in terms of their economic growth on the back of the enhancement in oil market made by OPEC’s last decision of cutting oil production.

"Qatar's non-oil sector is growing at an impressive rate, indicating diversification that is generating growth. Qatar's non-oil sector will continue to grow at more than 4.2 percent in 2018 and 2019," Lagarde noted.

The world's LNG top supplier is on the right track concerning its efforts to boost contribution of its public sector in the national economy, she said.

The Arab region faces major challenges including lower growth, high unemployment rate, Lagarde said, confirming that addressing such challenges requires robust economic reforms encouraged by an active private sector.