Qatar has been named the fourth richest country globally. Also, it is the first-ever Arab nation to be among the top four wealthiest nations. The latest report from Global Finance ranks other Arab countries, like the UAE, Bahrain, Saudi Arabia, Kuwait, and Oman, positioned after Qatar.
The study also coincides with the World Bank’s assessment that sees Qatar as the fastest growing global economy.
According to the data, Qatar’s real GDP is expected to rise by 4.9% this year and grow steadily at 4.5% and 4.4% in 2023 and 2024, respectively. This data also tells us that Qatar’s economic growth is expected to remain the fastest among the other GCC countries.
Qatar is fourth after countries like Luxembourg, Switzerland, and Singapore and has a distinct advantage over the three countries that are ranked higher. Unlike these countries that are very small and benefit mainly from foreign investment, Qatar has massive reserves of hydrocarbons or other natural resources.
A relatively smaller population of just 2.8 million also favors Qatar’s numbers. According to the report, the per-capita GDP of a Qatari citizen is also high at $97,846, dipping slightly in 2014 from $143,222. This contrasts with some of the poorest countries’ average per capita purchasing power, which stands at just $1,350.
Qatar has also benefited from the increase in the demand for gas owing to the ongoing Russia-Ukraine War. Additionally, the expansion of Qatar’s North Field liquified natural gas (LNG) project, which is the biggest of its kind, is also a significant contributor to the country’s GDP.
Apart from these, the country will become the first-ever Gulf state to host the football World Cup in November. This marquee event will add to Qatar’s reputation and act as a shot in the arm for the country’s tourism sector.
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