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 economic outlook

Qatar’s Economic Outlook

The country with one of the best economic outlooks in the world is Qatar. The economy is now the top performer in the Middle East, with average annual real GDP growth of around 6.5 percent over the past five years .The latest QNB Economic Review estimates GDP growth of 20.5 percent in 2004, slightly up on 19.8 percent in 2003. Qatar's GDP per capita last year stood at $36,476, and at this sort of growth rate will overtake Switzerland next year. Already in terms of hydrocarbon assets per capita, Qataris are all multi-millionaires. This position is going to get stronger over the next decade.

Over the next five years Qatar is to spend around $75 billion developing its hydrocarbon assets, and $15 billion on infrastructure. There is a real estate boom with rents spiraling upwards, and five additional hotels are to be built along with The Pearl-Qatar, a $3.5 billion luxury land reclamation project with freehold ownership.

The Goal of Qatar’s Economic Policy:

To achieve sustainable economic growth in partnership with the private sector.

Strength of Qatar’s Economy:

• Natural resources

• Financial stability

• Infrastructure

• Friendly legislations that meet international standards

• Transparency in business transactions

Economic Policy Objectives:

• To promote economic growth

• To increase the economy’s resilience and competitiveness

• To diversify the economy

• To create the right investment climate

• To strengthen the private sector and increase its role in the economy

• To become part of the global economy

Economic Policies:

• Liberalization of the economy

• Liberalization of trade and integration within the global economy