For long has it been viewed and talked about as the country of riches or to be more precise, a nation with immense riches and hence the highest per capita income on the globe. However, the modern global economy has seen Qatar to be a country with diversification on every economic front nearly.
With all corporations finding the right international market to increase their audience outreach and a number of capitalists finding the country to be the right hub to invest in, it goes without saying that the country is witnessing a period of special economic prosperity at present. The section below presents such pertinent facts and builds on the discussion further. Drop a good glance and grasp all that you can!
How is the Diversity Happening?
Having seen an active expansion on different economic fronts, the country has been well-identified amongst its Gulf counterparts as a major player when it comes to supplying the globe with LNG. However, with time the regime has realized the importance of turning its currency into a non-oil reliant one, hence introducing substantial developments in other economic spheres as well.
Having abundant natural resources, oil and gas can anytime be the wall the country falls back on. However, assisting an active expansion of various private sector firms and SMEs that seem to building the future of Qatari manufacturing sector, there is no shred of complacency in terms seeking new growth prospects in sectors that will prove lucrative in the coming years. The country has seen a cumulative economic growth of nearly 6.3% during 2014. Knowledgeable policies and a contemporary vision for the modern Qatar are two significant factors that have paved way for future developments to follow.
Strong Policies the Key to Growth
For the country might be struggling with low oil prices, but the area of focus for the last 2-3 years has been the policy measures adopted by the regime. With the non-hydrocarbon sector shedding a major 62% to the GDP, surely Qatar has a firm yet comprehensive set of foreign investment policies that favor huge capital influx, yet a safe investing environment here. These also help the country build crucial financial buffers that prevent any sudden change in policies, during times of economic distress.
On supply side, the country has abundant resources in every sector to offer and on the demand side, a huge appetite for talent and services from across the globe. If nothing, this clearly signifies the amount of career opportunities that await the skilled here in Qatar.
What is the Workforce Shaping Into?
Having a clear vision to be achieved by 2030, Qatar wishes to have a knowledge based economy that is characterized by economy, research and innovation. Owing to the same, the regime and various departments are making all efforts to make a transition happen and judiciously transform the low-skilled and low-productive human resource into one that stays in demand throughout the globe.
With the population of Qataris and expats working for various private sector corporations more than doubling between 2004-2012, there is ample sample space for one to consider the number of avenues that stem out of the economic scenario in this part of the Arab world. All that’s required is for private companies to offer comparable wages and for the government to keep introducing such compatible legislation that entices professionals in huge chunks from around the world.
By: Anshuman Kukreti