This is the economy of Qatar, the fourth richest country in the world thanks to oil
The FIFA World Cup officially kicked off yesterday, which is being held in Qatar, the fourth richest country in the world, with a gross domestic product of more than $179.570 million. Not only is Qatar one of the countries where the most money flows, but it is also the second largest percentage of immigrants in the world, with 79.66% of the population coming from other countries.
For this edition of the tournament, it is estimated that the FIFA World Cup will generate US$17 billion in revenue for the Qatari economy.
Nasser Al-Khater, Executive Director of the 2022 Qatar World Cup, said in an interview with Bloomberg that the Gulf country will attract 1.2 million visitors, which is in line with its previous estimates between one million and 1.5 million visitors.
Despite being one of the largest and most solid economies in the world, its territorial extent is only 11,610 square kilometres, while Colombia has an area of 11,141,749 square kilometres. However, it was not a problem to become one of the largest oil producers in the world, with about 25,244 million barrels of crude oil, and more than $7,253.522 million in exports, according to World Bank data.
“Qatar is a small country with a large amount of oil reserves and crude oil is the main source of energy globally,” said Juan David Palin, Director of Analysis and Strategy at Casa de Bolsa.
In 2021, total Qatari exports grew by 62.5% compared to 2020. Foreign sales account for 48.27% of GDP.
In addition, 84% of Qatar’s sales to the world are fuel and extractive products, and Japan, China and India are its main markets. While the products it imports the most are manufactured goods, with 75% of foreign purchases, its main sellers are the European Union, China and the United States.
As for unemployment, the rate is only 0.10%, which when compared to Colombia shows several points of difference, as the country has a rate of 10.7%. The official currency of the State of Qatar is the Qatari riyal, 1 riyal is equal to 1,374 dollars or 0.27 US cents. The main companies in Qatar are: Qatar Investment Authority, Qatar Petroleum, Qatar Steel and Catargas.
Qatar is also known for being one of the most conservative countries in the world, as Islam is the official religion and Islamic law is an important source of legislation in that country.
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