Fig 1. Qatari Riyal (The Peninsular Newspaper, 2022)

The thriving force behind Qatar’s rise into one of the richest economies in the world can be accredited to its fortune of being geographically located next to large reserves of oil and natural gas, two of the most indispensable energy sources in the world. Although the peninsular nation is small in size, Qatari nationalist are some of the wealthiest individuals across the world today. With a per capita GDP of Qatari nationalist at $124,833, Qatar has soared to be the fourth richest country globally by GDP/PPP (Forbes, 2023). The State of Qatar is an independent state, a constitutional monarchy led by Emir Sheikh Tamim bin Al Thani. 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). The economic system in the state combines elements of market economy as well as planned economy, fostering a balance between state control and individual economic freedom (Montoya, 2023). The country’s wealth of oil and natural gas has propelled the nation while its stable currency and united government provides the foundation for continued growth. 

Through its sovereign wealth fund and the Qatar Investment Authority, the country has diversified its reliance on solely providing energy for the world. It has created government funds with focus on alternative revenue generating ventures for the country. The forward seeking government has launched the Qatar National Vision 2030, an initiative pursuing a more diversified, greener and educated economy (Humairah & Haley, 2023). Transforming Qatar into an advanced global location that provides high standards of living with great business and tourism appeals (Kabbani, 2022). Qatar was one of the few nations to handle the COVID-19 well and has already seen a recovery in their economy with the hosting of the FIFA World Cup in 2022 providing a surge of tourism and worldwide attention (IMF, 2022). Qatar has enacted reforms to incentivize and attract foreign investments, supporting international free trade and economic systems to further foster advancements and growth for the nation. Qatar’s economic journey epitomizes a nation that leveraged its natural resources to achieve remarkable prosperity with long term sustainability.