(MENAFN- The Peninsula) Joelyn Baluyut |The Peninsula
Doha, Qatar: Qatar has been listed as the fifth richest country in the world by Global Finance, according to a report released last week.
The report highlighted Qatar's economic resilience, despite fluctuations in oil prices and the challenges posed by the COVID-19 pandemic. Qatar's per-capita Gross domestic product (GDP) has steadily increased, reaching over $143,000 in 2014 before experiencing a significant decline. However, in recent years, it has been gradually rising, increasing by approximately $10,000 annually.
“Still, Qatar's oil, gas and petrochemical reserves are so large and its population so small-just 3 million-that this marvel of ultramodern architecture, luxury shopping malls and fine cuisine has managed to stay atop the list of the world's richest nations for 20 years.”
The report explained that although Qatar faced challenges during the pandemic, including a rapid spread of COVID-19, the economy has proven resilient.
It also said that:“Qatar also suffered from the disruption in global trade caused by the war in Ukraine. Later on, the conflict in Gaza sparked renewed fears and uncertainty across the Middle East.”
Despite falling energy prices and disruptions in global trade, Qatar's economy is projected to grow by around 2% in 2024 and 2025.“Still, until now, the economy has proven to be sufficiently resilient.”
Moreover, Global Finance said that Qatar's economic success is attributed to its National Vision 2030, which aims to broaden the economic base by encouraging private investment across various sectors.
The government has successfully attracted investment in tourism, infrastructure, financial services, and information and communications technology. Qatar allows up to 100% foreign ownership of businesses in most sectors, further promoting economic growth.
“Qatar has also cemented its status as a cornerstone of stability and a champion of diplomacy in a volatile region.”
The total GDP in 2023 amounted to $220 billion, with an adult per capita income (PPP) of $118,305.
Other countries in the top 10 include: Luxembourg; Macao SAR; Ireland; Singapore; United Arab Emirates; Switzerland; San Marino; United States; and Norway.
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