Qatar Ranks First Arab and Fourth Worldwide Richest Country
As Doha doubles in size, the World Cup is anticipated to have a significant economic impact on the country. This will allow the tourism industry to flourish.
According to statistics from the most recent Global Finance report, Qatar is the fourth wealthiest country in general and the richest Arab country.
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"A Qatari citizen's per-capita GDP was above $143,222 in 2014, it was "only" $97,846 a year later, and it remains barely above that level to this day," the research stated.
The UAE, Bahrain, Saudi Arabia, Kuwait, and Oman came after the Gulf state. The World Bank has ranked Qatar's economy as having "the fastest expanding economy" as it continues its post-pandemic recovery.
The real Gross Domestic Product (GDP) of the nation is anticipated to rise by 4.9 percent this year, 4.5 percent in 2023, and 4.4 percent in 2024.
Report: Qatar sells crude at the largest premium in the last four months.
Global Finance noted that despite having a population of only 2.8 million and enormous oil, gas, and petrochemical reserves, "this wonder of ultramodern architecture, luxury shopping malls, and superb cuisine has managed to lead the list of the world's richest nations for 20 years."
In comparison to the other GCC nations, Qatar's economy will develop at the highest rate between 2023 and 2024.
Sheikh Tamim bin Hamad Al Thani, the head of the Gulf state, said in a speech to the Qatar Economic Forum (QEF) in June that his nation has been passing legislation to promote business transactions, increase competition, and guarantee consumer protection.
Gas and oil
Qatar's current intentions to increase its liquified natural gas (LNG) output as part of the North Field development project are a significant component of the country's planned GDP growth.
By 2027, Qatar's annual LNG gas production capacity will increase from 77 million metric tonnes to 126 million tonnes thanks to the largest project of its kind. After the first phase of the project is finished by 2025, $40 billion in income is anticipated.
The current conflict between Russia and Ukraine has already resulted in a significant increase in demand for Qatari gas. Since the beginning of the year, a number of European nations have turned to the Gulf state in an effort to lessen their dependency on Russian gas.
The nations include France, Germany, and Italy. Nearly a third of the exports of gas to Europe come through Ukraine, with 40% of the continent's gas coming from Moscow.
In the meantime, Qatar's exports of crude oil and condensate increased by 11% to 970,000 barrels per day (BPD) in June from as high as 876,000 BPD in May.
Doha's crude oil exports rose by 16 percent in June to reach levels of around 711,000 BPD, while condensate shipments saw a fall of about 2 percent to 259,000 BPD.
World Cup
Qatar has gained international attention for reasons other than its oil and gas production since it will be the first Middle Eastern nation to host the 2022 FIFA World Cup.
Between November and December of this year, Qatar is expected to host at least 1.5 million football fans from around the globe for the important event.