Qatar says economy to grow 7 to 9 per cent in '09

Qatar's economy is expected to grow in real terms by 7-9 per cent in 2009, depending on the price of oil, the economy and finance minister for the Gulf Arab country said in an interview.

Youssef Kamal told CNN in an interview that the country still aimed to implement its 2020 plan, which looks to transform the economy to zero dependence on hydrocarbons, though there could be a delay.

"I think we can still reach that goal, maybe two years later because of the crisis," the government official told the American television channel.

Due to investments in Qatar's oil and gas sector over the past 10 years, the country has accumulated more "real investment" inside than outside of Qatar, he added.

Qatar is the world's top exporter of liquefied natural gas.

On this year's economic growth, the minister said that despite the ongoing slowdown "the expectations are between 7-9 (per cent) in real terms".

"It depends on the price of oil. If we take the price of oil today, we will still have some growth," he said, adding he perceived healthy sustainable economic growth at 6 to 7 per cent.

He said Qatar's aim was to become a financial, educational and health hub for the region.

Qatar still plans to be part of a Gulf Arab monetary union plan that was thrown into disarray in May when the United Arab Emirates, the second-largest Arab economy, broke ranks saying it would not take part.

"I think it's good to have three or four to start, and we hope the others will join us," Kamal said. Saudi Arabia, Kuwait, Qatar and Bahrain are still aiming to set up the single currency. Oman has already said it would not take part.