According to Trading Economics global macro models and analysts, GDP of Qatar is predicted to reach 190.00 USD billion by the end of 2021. According to our econometric models, Qatar’s GDP will trend at 195.00 USD billion in 2022.
What accounts for Qatar’s high GDP?
Qatar, a small Middle Eastern country and peninsula off the Saudi Arabian border, is the world’s richest country. Qatar is little under 4,500 square miles in size, or about 0.12% of the size of the United States.
Personally, I would never have thought that the world’s richest country is smack dab in the middle of the Middle East. However, I discovered that the country was strategically located near a big source of petroleum deposits, which are a major source of the country’s immense wealth. Qatar is in charge of roughly 13% of the world’s oil reserves.
Qatar’s per capita GDP is $133,000 (roughly), about $20,000 higher than the next highest country due to petroleum and other lesser contributing factors including cement, ammonia, and commercial ship maintenance.
Again, this means that the entire worth of products and services in Qatar is $133,000 per person when divided by the number of people living there! That’s more than double the United States’ per capita GDP.
Mind you, Qatar is a small country with a population of only 2.88 million people. One of the key reasons that Qatar is the wealthiest country on the planet is because of this. The combination of a small population and a large amount of petroleum production ensures that they are the world’s richest country.
Regardless having this distinction, the country does not have a wealthy population. Qatar’s wealth distribution is far from even, and there are huge disparities in Qatari citizens’ wages.
In 2017, one of Qatar’s past Emirs (a Muslim military leader or local chief) was estimated to be worth $2.4 billion, while migrants interviewed in 2015 reported earning as little as $350 USD per month.
What is Dubai’s Gross Domestic Product (GDP)?
Dubai’s economy has a gross domestic output of US$102.67 billion as of 2018. The construction boom was curtailed by the Great Recession.
It’s been described as “centrally-planned free-market capitalism” by the International Herald Tribune. Oil production, which once contributed for half of Dubai’s gross domestic product, now accounts for less than 1%. Wholesale and retail commerce accounted for 26% of total GDP in 2018, while transportation and logistics accounted for 12%, banking, insurance activities, and capital markets accounted for 10%, manufacturing accounted for 9%, real estate 7%, construction 6%, and tourism 5%.
For Western manufacturers, Dubai has become an important port of call. The port region was home to the majority of the new city’s banking and financial centers. Throughout the 1970s and 1980s, Dubai remained a vital trading route. Dubai has unrestricted gold commerce and was the center of a “brisk smuggling trade” of gold ingots to India, where gold imports were prohibited, until the 1990s.
Dubai’s economy is now centered on tourism, with hotels being built and real estate being developed. Port Jebel Ali, built in the 1970s, boasts the world’s largest man-made harbor, but it’s also becoming a centre for service industries like IT and banking, thanks to the new Dubai International Financial Centre (DIFC). Emirates Airline, situated at Dubai International Airport, was formed by the government in 1985 and is still state-owned; in 2015, it carried over 49.7 million passengers.
Dubai is the #1 business gateway for the Middle East and Africa, according to Healy Consultants. In order to develop Dubai property, the government has established industry-specific free zones throughout the city. Dubai Internet City, which is now part of TECOM (Dubai Technology, Electronic Commerce and Media Free Zone Authority), is one of these enclaves, with members including EMC Corporation, Oracle Corporation, Microsoft, Sage Software, and IBM, as well as media companies like MBC, CNN, Reuters, and the Associated Press. Dubai Knowledge Village (KV), an education and training hub, has been established to support the Free Zone’s other two clusters, Dubai Internet City and Dubai Media City, by offering facilities to train the clusters’ future knowledge workers. Companies engaged in outsourcing activities can set up offices in the Dubai Outsourcing Zone, which offers concessions from the Dubai government. In most parts of Dubai, internet access is restricted, with a proxy server screening out sites that are believed to be against the UAE’s cultural and religious values.
Why is Qatar the wealthiest country in the world?
It’s not just the oversupply and demand problem of last year, or the exacerbating effect of COVID-19: oil prices have been falling steadily and sometimes dramatically since the mid-2010s, notwithstanding the recent rebound. A Qatari citizen’s per-capita GDP was over $143,222 in 2014, “only” $97,846 a year later, and is still barely above that level now.
Despite the fact that the country’s oil, gas, and petrochemical reserves are vast, and its population is small (only 2.8 million), this marvel of ultramodern architecture, luxury shopping malls, and excellent cuisine has topped the list of the world’s richest nations for the past two decades.
Despite the fact that just roughly 12% of the population is Qatari, the country, like many other Gulf states, saw COVID-19 spread rapidly among low-income migrant workers living in packed quarters in the early months of the pandemic. Despite the fact that Qatar has been subjected to numerous quarantines, curfews, and lockdowns, the country has one of the highest percentages of positive cases in the area.
Despite this, the economy has showed some resilience (it shrank by only 3.5 percent in 2020, grew by about 2% in 2021, and is currently expected to revive due to increased gas output and investment in preparation for the 2022 World Cup).
Is Qatar wealthier than the United States?
Perusing the list of the world’s wealthiest countries is both enlightening and motivating, but it’s also useful to look at the statistics by continent. A list of the extremely wealthy countries on each of the six inhabited continents, for example, would look somewhat like this:
- Luxembourg ($118,001), Ireland ($102,390), and Switzerland ($93,520) are the richest European countries in 2021.
- Singapore ($97,057), Qatar ($61,790), and Israel ($49,840) are the richest Asian countries in 2021.
- United States of America ($63,416), Canada ($52,790), and Puerto Rico ($34,140) are the richest countries in North America in 2021.
- Australia ($62,620), New Zealand ($48,350), and Palau ($11,840) are the top three countries in the Oceania region.
- Uruguay ($16,970), Chile ($16,800), and Argentina ($9,930) are the richest countries in South America in 2021.
- Seychelles ($13,140), Mauritius ($8,680), and Equatorial Guinea ($8,630) are the richest African countries in 2021.
What’s the state of Qatar’s economy?
Qatar’s economy ranks 44th in the 2022 Index for economic freedom, with a score of 67.7. Qatar is placed third in the Middle East and North Africa region, with a score that is higher than the regional and global averages.
Which country is the most powerful in the world?
In the 2021 Best Countries Report, Canada wins the top overall rank as the world’s number one country for the first time. After coming in second place in the 2020 report, Canada has now eclipsed Switzerland in the 2021 report, with Japan, Germany, Switzerland, and Australia following closely behind.
Is Dubai a part of Qatar?
The most significant distinction between Dubai and Qatar is that Dubai is a city and one of the United Arab Emirates’ seven emirates, whereas Qatar is an independent and sovereign country in the Gulf area. Qatar and Dubai both have a wealth of natural resources, including oil and natural gas.
Which African country is the wealthiest?
The country, which has a population of almost 202 million people, has maintained its position as Africa’s richest country. In 2022, which African country will be the wealthiest? Nigeria, without a doubt. The country is endowed with abundant natural resources, and its crude export has historically ranked first in terms of GDP.
Why is Nigeria Africa’s richest country? A high percentage of the country’s human resources are readily available. Furthermore, the country is wealthy in natural resources, particularly crude oil. The state was generating about 1.4 million barrels per day as of September 2021. Natural gas, limestone, niobium, lead, arable land, tin, iron ore, and zinc are among the state’s other resources.