Qatar

Thanks in large part to the number of hydrocarbons expansion projects that have taken place over the past few years, Qatar is expected to see sustained economic growth for the foreseeable future. According to an economic bulletin released by Saudi Arabia’s Samba Financial Group in late March, the country could see GDP growth in excess of 19% by the end of 2011. Similarly, nominal GDP is forecast to grow by 22.4%, from $122.3bn at the end of 2010 to $149.7bn by the end of 2011. These gains can be attributed primarily to the country’s rapidly expanding energy sector, which saw growth of nearly 36% in the third quarter of 2010, due to increased production and rising oil prices.

With the government and international agencies alike predicting GDP to expand by almost 20% this year, and a budget surplus in the double-digit billions, Qatar’s economy is set to outstrip nearly all others around the world in 2011. Just about the only cloud on the horizon is the return of demand-driven inflation, though even this concern seems likely to dissipate in the face of sustained growth.

With a move to become one of the first countries to offer non-Latin language scripts in domain names, Qatar is pushing forward with efforts to help accelerate the development of e-services and e-commerce environments throughout the Arabic-speaking world. In February, the Supreme Council of Information and Communication Technology (ictQATAR) announced that its website had became the first to use a Qatar-specific domain name in Arabic, with more Arabic domains set to be available for government entities and registered trademark holders starting in March.

Qatar’s retail sector appears well-placed for solid growth over the next few years, with prospects looking even brighter in the medium term as the economy is expected to gain further momentum as a result of the government’s investment programme and the feel-good factor leading up to hosting the 2022 FIFA World Cup.

2010 was a banner year for Qatar. The nation punched well above its weight over the course of the year and looks set to continue to make headlines in 2011 and beyond.

Although the 2022 football World Cup is more than a decade away, analysts are already predicting increased loan activity and investment management in Qatar’s banking sector as the economy gears up to host football’s showcase event.