The future is looking rosy for the oil-rich gulf state
According to latest estimates from the International Monetary Fund (IMF), Qatar, with gross domestic product per capita at $ 88,221, has surpassed Luxemburg as the world’s richest nation in 2010.
The figure is estimated to reach $111,963 by 2016, topping Luxemburg’s $ 94.621 and Singapore’s 70,992. The US GDP per capita, meanwhile, is forecasted at $55, 622 in five years, an 18.7% increase from $46, 860 in 2010.
Paul Cooper, Dubai-based managing director at Sarasin-Alpen & Partners, commented: "It’s the combination of wealth, growth and a small population,” According to the CIA World Factbook, Qatar has a population of about 848,000.
The increase in GDP per capita is largely attributed to the country’s vast oil reserves. Qatar, the world’s largest exporter of liquefied natural gas, has reached its target of 77 million tons of annual production. As one of the largest global investors through its sovereign wealth fund, Qatar plans to spend over $125 billon in the next five years on construction and energy projects.
The oil-rich gulf state predicts an economic growth of about 16% for 2011, with a budget surplus of $6.1 billion this fiscal year.
via [Arabian Business]
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