The economy of oil and gas exporter Qatar - the world's wealthiest country per capita - will grow a breathless 20 percent in 2011, the IMF said Wednesday. "Qatar has weathered the global financial crisis exceptionally well, reflecting the swift and strong policy response by the authorities," the International Monetary Fund said about the country of 1.7 million people.
"Growth has rebounded to 16 percent in 2010 and is projected to accelerate to 20 percent in 2011." The small Gulf monarchy, which beat out world football powers to be chosen as host of the 2022 World Cup late last year, will face a rising tide of inflationary pressure, though likely not more than it can manage, the fund said. Remarkably, the 2010 surge was accompanied by a downturn in prices, rather than the inflation that normally accompanies such rapid expansion.
However, it warned that inflation would pick up to 3.0 percent this year. "Aggregate demand needs to be carefully monitored in order to avoid the emergence of inflationary pressures." Based on a measure of comparative purchasing power, Qatar's economy became the wealthiest in the world per capita last year, at $88,233 per person, surpassing Norway and Luxembourg.
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