Summary
Survey on Qatar
Qatari officials are highly optimistic on the status of their country's long-term economic prospects. Qatar National Bank's June Economic Review of Qatar has forecasted a 3.5% GDP growth for 1999 and that per capita income will rise to $31,122 from 1999 to 2002. The increase in per capita income will be mainly due to increases in liquified national gas production. The country's increasing prosperity has encouraged property developers to increase the number of their construction projects.See the full content of this document
Extract
Optimism on the eve of the millennium.
A year of financial crises in the world, topped by weak oil prices, looked set to seal predictions of a year of austerity and gloom for the counties of the Arabian Gulf. Qatar set its 1999-2000 budget based on oil prices of $10 per barrel, the profits of companies like Qatar Fertiliser Co (QAFCO) fell despite an increase in sales, and expatriates began to question their job security amidst cuts in technical allowances for a number of government employees as part of a certain degree of retrenchment.
However, with officials still expressing overwhelming optimism about the state's long-term economic future, the country knuckled down to riding out the turbulence, looking to the second half of the year and the scheduled completion of a number of ambitious projects at the turn of ...See the full content of this document
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