Qatar has weathered the global financial crisis exceptionally well, reflecting the quick and strong policy response by the authorities. Growth has rebounded, and is projected to accelerate to 20 percent in 2011, while inflation will remain subdued. Continuing public investment in infrastructure will keep growth high in the medium term and support nonhydrocarbon growth. Improving productivity will be key to greater self-sustaining long-term growth in the nonhydrocarbon sectors. While the current expansive fiscal policy remains appropriate and monetary policy should remain geared towards supporting credit growth, aggregate demand should be carefully monitored in order to avoid the emergence of inflationary pressures. The central bank will have to rely increasingly on macroprudential instruments to manage the credit cycle and to counter potential surges in capital inflows. Establishing a debt management office and setting up a macro-fiscal unit will constitute important institutional reforms to support policy making. Further improvements in statistics will be essential, which will also require greater coordination between various agencies.