Optimism in Qatar on Global Recovery Hopes

DUBAI - Business sentiment in Qatar is improving on the back of growing expectations of a global economic recovery, but the oil and gas sector is uncertain about the recent oil price rally, a recent survey has found.

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Published: Tue 21 Jul 2009, 12:00 AM

Last updated: Sun 5 Apr 2015, 10:28 PM

The Qatar Financial Centre Authority, together with Dun & Bradstreet South Asia Middle East, a financial data provider, on Sunday released the D&B Business Optimism Index for Qatar for the third quarter of 2009. The survey was conducted in June against the backdrop of crude prices rallying to a seven-month high in the range of $70 per barrel.

According to the International Monetary Fund, the Qatari economy is likely to register one of the highest growth rates in the world in the current year, a real GDP growth rate of 18 per cent, primarily backed by the natural gas segment of the hydrocarbon sector.

“The Qatari business community shows a positive outlook for the third quarter and is expecting the demand levels to improve,” said Rajesh Mirchandani, Chief Executive Officer of Dun and Bradstreet South Asia Middle East.

According to the survey findings, companies in the hydrocarbon sector are expecting oil prices to weaken, as the current high prices do not seem to be backed by a real improvement in oil demand.

business@khaleejtimes.com



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