Qatar

Economic Landscape

Qatar is a land mostly surrounded by water, which makes it a peninsula with 563 km of coastline and, at 103 metres, Qurain Abu al Bawl in the south is the highest point. The country is also known as the second flattest country, with the highest point lying at just 338 ft. Qatar is also known as one of the richest countries in the world as measured by GDP per capita. Its GDP in the year 2020 was a whopping 146.4 billion USD. 97% of Qatar’s exports consist of oil and natural gas, which are worth over $58 billion in total. It has the third largest natural gas reserves in the world. Its main trading partners are India, China, Japan, South Korea, the USA, and the UAE. The country was ranked # 1 in ME for its hospitability and is known to be the safest country in the world to live in.

Population

According to statistics, the population of Qatar is about 2.8 million people (2020). However, it is an interesting fact that local Qataris make up only 15% of the whole population. There are more than 100 nationalities living in Qatar, with a literacy rate of about 97%. Another interesting fact about Qatar is that the country has the world’s lowest female population as a percentage of the total population. Only 24.7% of Qatar’s population consists of females, the reason being the vast number of male migrant workers, mostly from Pakistan, India, and Iran. Moreover, the country is largely an urbanized state, making it the world’s most urbanized population, with 99.2% of the population living in cities.

Economy

The forecast from some of the leading economists and analysts points to growth and a prosperous future for Qatar. Their thorough analysis states that the non-energy economy appeared to perform well in Q1: The private-sector PMI averaged well in expansionary territory amid the reduced impact of the pandemic, while visitor arrivals soared in annual terms. However, the energy sector seemed to perform relatively poorly, with a double-digit annual decline in oil and gas output during February. The early signs for Q2 are positive: The PMI hit a series high in April, amid strong rises in both output and new orders, with the construction sector the top performer. Moreover, visitor arrivals were up 635% year-on-year in April. In politics, Emir Sheikh Tamim bin Hamad Al Thani recently signed an energy partnership with Germany and pledged investment worth a total of roughly USD 18 billion in Spain and the UK. These moves bode well for Qatar’s trade ties and diversification efforts.

Economic Strategy

The GDP of Qatar is expected to accelerate this year due to stronger private consumption, higher energy prices, ongoing gas sector investment, and improved ties with Gulf neighbours. The upcoming FIFA World Cup, one of the world’s largest and most anticipated sporting events, will also result in a significant increase in tourism later in the year. The reintroduction of COVID-19 restrictions is the only major reason for the downside risk. According to the Focus Economics panelists, they predict a 4.3% rise in GDP during 2022, which is unchanged from the previous month’s forecast, and 2.8% growth in 2023.

Opportunities for you

Qatar is a country known for its strong, stable, and growing economy. It is a land perfect for business, investment, and trade. Pointing out that 190,000 Pakistanis live in Qatar, this expo is an opportunity for all potential investors and business owners looking for beneficial business relationships in Pakistan.