United States Department of State

Qatar: Recent Developments United States Department of State

Publisher Marketing: Qatar has one of the fastest growing economies with the highest per capita income in the world. Qatar's economy is projected to continue slowing down in 2014 after recording one of the world's highest growth rates following the completion of major gas projects. Growth slowed down to an estimated 6.1 percent in 2013 and is expected to continue its downward trend to reach 5.9 percent in 2014, according to IMF estimates. Qatar is currently undergoing massive transformation under the rubric of the 2030 National Vision, which aims to establish an advanced, knowledge-based, and diversified economy, no longer reliant on the hydrocarbon sector. The government is heavily involved in Qatar's economy, although it strongly encourages private investment in many sectors. Investments in various sectors including health care, education, tourism and financial services, among others, are expected to offer greater opportunities for foreign investment. In June 2013 Qatar's Amir, Sheikh Hamad bin Khalifa Al Thani, abdicated to his son Sheikh Tamim bin Hamad Al Thani. The smooth transfer of power to Amir Sheikh Tamim bin Hamad Al Thani is unlikely to lead to any major changes to the country's implementation of the 2030 National Vision. Amir Sheikh Tamim is expected to continue focusing on infrastructure development, economic diversification, education, and healthcare, underwritten by the country's natural resource wealth.