Qatars Economic Growth Development - Dissertation Example

Download file to see previous pages The history of the country, in terms of the performance of the economy, should be checked. Then, the key sources of national income would be identified and evaluated, especially as their potential to support a long – term economic growth. At the next level, it would be necessary to understand whether the development of the national economy took place gradually or whether there have been specific events that allowed the boost of the economy. Another important issue that should be addressed when having to evaluate the performance of a country’s economy should be the following: is the growth of the economy equal regarding the state/ private level or there are phenomena of concentration of wealth in one of these sectors?

The issues highlighted above are explored in this paper focusing on the economy of one of the most powerful economies of the Gulf region: Qatar. The country’s economy has been characterized by rapid growth, related to the extraction of oil in the 1940s (Qfinance 2013). Today, Qatar is ranked first in the context of the international community regarding the ‘GDP per capita’ (Qfinance 2013). . This view is verified by the following fact: there are other countries worldwide that had also the chance to support their growth through natural sources, such as oil, gas, gold, etc.

Still, such a target was not achieved mostly due to the inability or the unwillingness of local governments to promote and support such initiatives. Reference can be made, as an example, to Nigeria, Chile, and so on. The key aspects of economic development in Qatar are critically presented in this study aiming to achieve the following objectives: a) to show the interaction between political decisions and economy, as this interaction can exist in countries with different political and economic characteristics, b) to explain the factors that can influence the performance of economies worldwide.

Indeed, the case of Qatar shows the potential of economies for long-term growth, if specific terms are met. This fact is quite important today, a period characterized by strong financial turbulences and phenomena of corruption in the management of public funds. In other words, the economic growth of Qatar, as analyzed below, is used as an example for proving that the development of economies may not be related solely to the availability of resources or specific measures but is rather a result of careful planning and honesty; in politics, such practices are not very common, a fact that explains the current pressures in markets worldwide. 2.0 Qatar – country overview Qatar was declared an independent state just in 1971 (Qfinance 2013).

Until then, the country has been under the control of Britain (Qfinance 2013). After its independence, the country avoided following the example of other Gulf countries and did not accept to become a member of the United Arab Emirates (Qfinance 2013). ...Download file to see next pages Read More