The Emir H H Sheikh Hamad bin Khalifa Al Thani addressing the 38th ordinary session of the Advisory Council yesterday.

DOHA: The Qatari economy remains upbeat and is expected to grow nine percent in the current fiscal, defying the ill-impact of the ongoing global recession when most economies of the world are likely to shrink.

The growth rate is likely to soar to a more impressive 16 percent in the next financial year, emphasised the Emir,

H H Sheikh Hamad bin Khalifa Al Thani, in his address to the Advisory Council yesterday.

Opening the 38th ordinary session of the Council, the Emir said the economic growth rates are high compared to the global growth rates. “This is indicative of the extent of success Qatar has met in tackling the global economic crisis by effectively utilising fiscal and monetary policy tools.”

Present were the Heir Apparent, H H Sheikh Tamim bin Hamad Al Thani, a number of key Ministers, other dignitaries, Sheikhs and diplomats.

Striking a note of caution, though, the Emir said: “The country’s solid economic and financial standing should not make us forget the importance of efficiency in utilising our financial resources.”

“We must continue to work to rationalise costs, increase revenues and move forward to achieve the goal of long-term investments, locally and globally. This is the key to achieving sustainable development.”

The continuation and growth of economic activity has assisted Qatar to a great deal in overcoming the fallout of the world economic turbulence by maintaining employment levels and restoring equilibrium in the real estate sector.

A frustrated equilibrium in this sector had mounted inflationary pressures in the recent past, reminded the Emir.

He also talked of the price control measures the state took recently and said these coupled with the stable economic performance of the state eventually helped stabilise prices.

Stressing the state’s commitment to infrastructure development, he talked of the continuing high levels of public spending on mega projects in social, educational and healthcare sectors as well as on key energy ventures.

Referring to the administrative overhaul of the government machinery, he said the restructuring of the state authorities and ministries was aimed at upgrading their efficiency, reducing costs and preventing duplication of work.

Talking of the Supreme Council of Health, the Emir said it was set up to ensure that health services of international standard were available in the country.

Qatar Foundation has introduced an ambitious programme through cooperation with Arab scientists overseas to establish qualitative Qatari institutions for research in areas such as biomedical sciences, IT, communications, energy and environment, the Emir told the Advisory Council.