Qatar tops world with 10.5% average growth rate for 20 years

Qatar has been ranked first in the world index of countries that have achieved record economic growth in 20 years from 1997, according to a report carried by CNBC Arabia.

Qatar achieved an average rate of 10.5% compound annual growth to come on top of the world. China ranked second with an economic growth rate of 9.1%, Ethiopia third with a growth rate of 8%, India fourth with 7% and Nigeria fifth in the world with 5.8% growth.Economic prospects for Qatar remain positive, with growth expected to reach 2.8% in 2018, while LNG production will rise to 100mn tonnes per year by 2023. The World Bank expects the Qatari economy to grow this year and expects an average growth of 3% in the next two years.The World Bank, in a recent report said that the increase in Qatar's energy export revenues will contribute to easing financial constraints, as well as spending on the multi-year programme for infrastructure development in preparation for the 2022 FIFA World Cup and the launch of the $10bn Barzan Natural Gas Project in 2020.Qatar's gross domestic product (GDP) rose last year to $220bn, from $218bn in 2016, making a real GDP growth rate of 2%, which was better than expected. The World Bank said Qatar is expected to achieve more fiscal deficit containment over the medium term, as a result of concrete actions the State has taken with regard to tax policy and administration.