Will Qatar Be Ready for the World Cup?
Qatar’s economy is not about oil, and it will not be a football state.
Over the past decades, Qatar’s economy has evolved. Its leaders have recognized the importance of education and tourism – but not of oil.
For most of its history, Qatar has been perceived as a “sunshine economy,” whose main growth driver has been tourism. But over the past two decades, the economy has changed. The country started investing in education, and gradually expanded the scope to include more non-oil, non-teaching sectors.
Today, Qatar is investing heavily in the private sector. Its private sector accounts for just 2.1 percent of GDP and is just 1.7 percent of GDP in the country’s industrial sector, while the government’s direct investments in the private sector account for 14.7 percent of GDP. Qatar’s private sector is expanding at a much faster pace and more efficiently than its education or health sectors, which are far behind.
Its economic performance in terms of GDP growth and investment has improved significantly compared to other Middle Eastern countries. So far, Qatar is among the two or three fastest growing economies in the world. Qatar’s GDP growth rate in 2017 was 9.4 percent, compared to the 4.8 percent in 2016.
But the country still needs to invest in infrastructure and public services that lead to economic growth. It has already made significant investments in its economy, including in education and tourism. Yet, they still need to attract more foreign direct investments (FDI) and foreign direct investments (FDI) to further enhance the nation’s economic growth.
Here is a look at Qatar’s economic performance and the path it has taken to achieve a high-income economy in the past two decades.
Qatar’s Economic Performance
Qatar’s economic growth rate in 2017 was 9.4 percent, compared to
