It is a country’s economy that plays the most important role in laying the foundation for prosperity in all aspects: political, social, and scientific. Thus, His Highness Sheikh Hamad bin Khalifa Al Thani (H.H the Father Emir) and His Highness Sheikh Tamim bin Hamad Al Thani, Qatar's new Emir have put a great deal of effort into supporting the Qatari economy.
Qatar has witnessed remarkable prosperity, especially in the last few years, with continued high GDP growth in 2012, according to data issued by the International Monetary Fund (IMF). This same body identifies Qatar as having the highest GDP per capita in the world.
The IMF report mentioned that major investments – especially in infrastructure projects and increasing output in the industrial sector – will result in continued growth of the Qatari GDP.
Qatar hopes to enjoy continuing prosperity through the number of long-term export contracts that are now in place.
As infrastructure-related construction activities pick up, as the demand-supply situation in the real estate market converges, and as the expatriate population increases, inflation will gradually increase from 3% in 2013 to 5% by 2016.
Qatar’s currency, the Riyal, is pegged to the US Dollar. This is conducive to the economic stability of the Qatari economy, with the US Dollar still a globally bankable - and powerful - currency. Having the dollar as a base is important in supporting Qatar’s strong financial position, and thriving banking sector.
Qatar has made great progress in its economic activity, overseas trade, architectural development, and new infrastructure development.
The Qatari economy is one of the fastest-growing economies in the Middle East and, indeed, the world. High growth rates have been maintained due to the high cost of hydrocarbons on the world’s commodities markets. These prices look set to remain reasonably stable while Qatar’s exports of gas continue to increase.
The growth of Qatar’s GDP has been absolutely astronomical. Total GDP in the year 2000 was $65 billion. By 2012, this figure had increased to $173 billion, and rising. The majority of this increase comes from the rise in sales of liquefied natural gas (LNG).
The emphasis for the country’s Government is on diversifying the economy so that other sectors – such as banking and finance, tourism, executive education and technology make greater contributions to the GDP.