Qatar’s economy has gone through rapid expansion. The surge in hydrocarbon production significantly steered socioeconomic progress, government budget surplus, and Qatar’s GDP growth (Hassen, 2021). In approximately two decades, the Qatari economy has exhibited growth rates, often surpassing 10% in certain years and Qatar has soared to be the fourth richest country globally by GDP/PPP (Forbes, 2023). In terms of world currencies, Qatar’s currency is one of strongest in the world, with the Riyal being pegged to the US dollar at a fixed exchange rate of $1 USD = QR 3.14 (Barbuscia, 2021). Qatar is doing very well despite the disadvantages they face as a nation.
Qatar’s oil and gas-driven high-income economy diversifies through strategic infrastructure investments like the 2022 World Cup and many different sectors ensuring economic resilience (John, 2023). The Qatar Investment Authority holds a prominent position as a leader in Islamic finance manages substantial sovereign wealth funds (Ashghal, 2021).Qatar’s political situation remains intact due to the local population’s overall contentment with their quality of life and living standards which is a testament to how well the economy is doing. (Coface, 2023). Qatar has a great economy and will continue to grow with all the strides they are taking to solidify their footing on the global stage.
Figure:14 Qatar’s GDP from 1970-2022
Figure15. Qatari Riyal Currency
