Qatar is a peninsula of approximately 13,000 square kilometers. Formerly a hub for fishing, pearl diving and trade, Qatar is now an emerging global economic leader thanks to its significant natural resources. Qatar is the world’s largest exporter of liquid natural gas, or LNG, and its GDP per capita is one of the highest in the world.
Qatar is actively diversifying its economy to ensure the long-term prosperity of its people. This far-sighted strategy is the cornerstone of the Qatar National Vision 2030, which follows the directives of the Qatari Constitution and those of His Highness Sheikh Hamad Bin Khalifah Al-Thani, the Father Emir, Her Highness Sheikha Moza Bint Nasser, and His Highness Sheikh Tamim Bin Hamad Al-Thani, State of Qatar
Quick facts about Qatar’s growth
- The fastest growing economy in the world with a GDP of 3.1%.
- Qatar’s population is currently 2.66 million in 2018.
- Spending 93 billion Qatari Riyals on major projects for 2018.
- The budget expenditure was set at QR 203.2 billion in 2018, an increase of 2.4% over the previous fiscal year.
- 5 billion Riyals is the share of major sectors such as health, education and transport with those related to the World Cup 2022 or 41% of total spending.
- 42 billion are the share of transport projects and other infrastructure projects and they represent 21% of the total expenditure.
- 2 billion Riyals will be allocated to the main sports sector and the 2022 FIFA World Cup.
Qatar National Vision 2030
During the reign of His Highness the Emir Sheikh Hamad bin Khalifa Al Thani, Qatar National Vision 2030 was launched to serve as a clear road map for Qatar’s future, aiming to launch it forward by balancing the achievements of economic growth with its natural and human resources. This vision will serve as a beacon to guide the country’s economic, social, human and environmental development in the coming decades, so that it will be inclusive and beneficial to the citizens and residents of Qatar in all aspects of their lives.
Economic development is a key element of the Qatar National Vision 2030. It is a driving force for development by providing more opportunities and a better life for Qataris. The development of Qatar’s economy means balancing the oil-based economy with a more knowledge-based economy in order to diversify the Qatari economy and ensure a stable and sustainable business environment. Qatar National Vision 2030 will also be a guiding element for prudent management of the Qatari economy, based on promoting competition, attracting more investments and stimulating growth. However, economic growth is not enough to ensure Qatar’s prosperity, as social and human development are key pillars for the country’s progress.