Economic Growth of Qatar
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.
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.
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).
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.
Ahmed, Allam & Al-Roubaie, Amer. “Building a knowledge-based economy in the Muslim world: The critical role of innovation and technological learning.” World Journal of Science, Technology, and Sustainable Development. 9.2 (2012): 76-98.
Al-Ghorairi, Abdulaziz. The Development of the Financial Sector of Qatar and its Contribution to Economic Diversification. 2011. Web.
Al-Jaber, Hessa. & Dutta, Soumitra. Qatar: Leveraging Technology to Create a Knowledge-Based Economy in the Middle East. 2011. Web.
Humphreys, Macartan. Natural Resources, Conflict, and Conflict Resolution: Uncovering the Mechanisms. 2005. Web.
ICT Qatar. Qatar’s National ICT Plan. 2012. Web.
IMF. Qatar Staff Report for the 2011 Article Iv Consultation. 2012. Web.
Klinger, Bailey. & Lederman, Daniel. Export Discoveries, Diversification and Barriers to Entry. 2010. Web.