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Posted On: 16 July 2008 09:04 am
Updated On: 12 November 2020 02:08 pm

Qatar projected to be richest country: Report

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DOHA • Qatar is projected to become the richest country in the world in terms of GDP per capita income, which was estimated at $76,000 in 2007, according to a report released by the International Bank of Qatar (IBQ) This is a significant increase from the $27,000 per capita in 2001 as the country benefits from rising demand for oil and gas. Qatar is now the wealthiest country in the Middle East. The review said that despite its size, Qatar has one of the most exciting and prospective hydrocarbon sectors in the world, the source of 14 percent of the world's proven natural gas reserves and 15bn barrels of crude oil. Equally important is the massive investment programme, quadrupling natural gas output in the last decade making Qatar the world's largest producer and exporter of liquefied natural gas (LNG). The IBQ economic report also highlights the growth rate of the Qatari economy, now one of the highest in the world. "The active guidance of the Emir, H H Sheikh Hamad bin Khalifa Al Thani, demonstrates that the government of Qatar is central to the country's impressive economic performance and commits itself to an aggressive investment programme of $160bn in projects across all major sectors of the economy," said George Nasra, IBQ Managing Director.