Economic Growth of Qatar
Over past thirty years Qatar has experienced huge changes. A thriving financial centre has grown out of desert and world class sporting, scientific and educational facilities have been developed. It is however important not to try and group Qatar with many of the other countries in the gulf enjoying similar economic and social developments: Qatar is not a new Dubai or an Arabic-oriented Miami. Qatar plans to become the “Singapore of the Middle East”. In accordance with their “QATAR VISION 2030” various economic modernizations, good governance and business friendly policies were brought about making Qatar most attractive hub for various trade investments in the past decade.
From the time when H.H. the Emir Sheikh Hamad Bin Khalifa Al Thani has taken his position on 27th of June 1995, Qatar has entered into a new era of national work and strategy. From that time, Qatar has made huge steps towards constructing its economic and political structure. Objectives and vision of this new era in Qatar’s modern history has focused on widening public participation in national decision-making processes and emphasizing the role played by the Qatari people in running their country’s affairs. This was realized through strengthening democracy, principle of liberty, and election instead of appointment in many governmental bodies and authorities. For the first time in Qatar, it went ahead to acknowledge and support Qatari women right to be nominated and elected in municipal elections. Furthermore, this new era was designed with elevating interest in Qatari youth through adopting academic and educational curricula that perfectly meet the community needs and satisfy the country requirements for qualified human resources and providing employments for Qatari fresh graduates. It has also approved and implemented a new approach in planning the national economy and exploiting and investing national natural resources. This approach was based on drawing new strategies and long term plans, encouraging private sector, as well as achieving the optimal use of national and expatriate expertise and cadres, and creating good economic climate to tempt investments.
Al-Ghorairi (30) pointed out that there are insufficient accessible literatures, which are concerned with Qatar exclusively, even though it is to certain extent, enclosed in some studies, which deal with oil sector industry in the Arab states; in addition, the investigations published thus far does not take into account the latest considerable socio-economic changes or economic diversification of Qatar. However, Al-Ghorairi also suggested that in order to assess the economic diversification of Qatar, it is highly essential to closely observe the financial sector development, banking industry, expansion of insurance sector, and emergence of new financial services as well as the oil sector of the country. Monetary circulation in an oil-based economy as Qatar depends on how much the government expends outside of the amount of credit that bank and other financial institutions provide to private-investors; however, it is notable that Qatar has been one of the fastest-growing economies in the world throughout the last ten years both in terms of financial and oil-sector development. The nominal growth rate in GDP in 2008 was 44%, headed by 25.1% and 33.7% in 2007 and 2006 correspondingly; the GDP per capita was USD $103500 in 2008, making it one of the wealthiest countries in the planet; conversely, Qatar’s banking sector has gone through a course of evolution that has mirrored the alterations in the economy (Al-Ghorairi 55).
All things considered, the country has a high percentage of about 80% that involves workers and foreign residents obtained the population. This population benefits from the fortunes that are brought about by economic growth. They get to enjoy opportunities and outgoing remittances that are shared by the country. In 2014, I expect the country will boost their economy in terms of development and infrastructure where they will attract more investors who will stream in to grab opportunities in readiness for the 2022 world cup that will be held in the country. The central bank will standardize their exchange rates to ensure that they accommodate all foreigners, which must be accompanied by strengthening of the currency.
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