One of the most influential countries in the world is Qatar because the GDP level is quite impressive. Not only does it depend on oil, but this country also uses other sectors to drive its economy. Therefore, examining the Qatar market overview will be quite interesting.
In this article, we will discuss several driving sectors that are often included in Qatar’s economic report. Check out the complete information below!
Factors Driving Economic Growth in Qatar
The fairly dynamic global economic situation does not make this country easily falter and fall into various economic problems. Qatar has proven to survive and remain competitive amidst difficult times.
In contrast to oil-producing countries, which are affected by falling prices, Qatar is not too affected. You can also see this through the GDP Qatar in 2023, which reached USD 267 billion. [1]
This impressive achievement certainly can not be achieved if only relying on oil and gas exports. The country’s large GDP is because of the expansion of its leading sectors into other fields.
If you rely only on oil, your selling power will decrease when the world market prices fall. As a result, its contribution to GDP is not too big.
Well, several sectors and factors that drive the strength of Qatar’s economy are:
1. Long Term Policy
Qatar’s strong position during the dynamic world economy is due to its forward-looking and wise government system. One proof of this is a long-term development plan for 2030.
To carry out the plan, Qatar will diversify its economy by spending on education, transportation, telecommunications, health, sports, and hospitality. As a result, for several years, economic growth has been more beneficial. Even if oil prices weaken, the country can still grow well.
2. Non-Hydrocarbon Growth
The construction sector is a leader in non-hydrocarbon growth. One thing that stands out is state spending on several important projects in preparation for the World Cup.
In addition, the country is building a sophisticated multimodal transportation system that can be a long-term economic facilitator through the mobility of information, goods, and people.
Qatar is also famous for air transportation for Qatar Airways and Hamad International Airport, which can connect this country to 150 destinations.
3. Education and Health
The PN education sector has received a transformation through foreign universities in Education City and Qatar Foundation. Education City not only welcomes the education sector but also welcomes various world-class research and scientific companies.
The increase in the health sector in services and research also plays a major role in the country’s economic growth.
Based on the Qatar market overview above, it is clear that sector diversification can make the economy healthier and more developed. So this needs to be an example for several countries.