Qatar is on course to restore its government revenues to pre-2014 levels and double its economy by 2031, according to an analysis by Standard Chartered. The UK-based bank’s latest report attributes this recovery to Qatar’s strategic position in the global energy market and its continued efforts towards economic diversification.
Qatar is currently the world’s sixth-largest gas producer and holds the third-largest reserves of natural gas, enabling the country to capitalize on rising hydrocarbon prices. The analysis also highlighted the steady growth of Qatar’s non-oil economy, which now contributes two-thirds of the country’s gross domestic product (GDP).
Qatar’s global economic profile received a significant boost after hosting the FIFA World Cup in 2022. The International Monetary Fund acknowledged this in July, while the World Bank projected Qatar’s economy to grow by 2.1 percent in 2024, accelerating to 3.2 percent in 2025.
Muhannad Mukahall, CEO and head of Corporate and Investment Banking at Standard Chartered, described Qatar’s return to pre-2014 revenue levels as a “significant milestone” in the country’s economic journey. He emphasized that this achievement was not by chance but the result of strategic actions, including benefiting from higher hydrocarbon prices, increased global demand for LNG, and substantial diversification efforts in sectors like manufacturing, tourism, and finance.
The World Bank noted that the oil price drop from 2014 to 2016 was one of the most significant in modern history, largely due to increased U.S. shale production. Standard Chartered’s analysis suggests that rising oil demand and Brent crude prices potentially reaching $100 per barrel by year-end could further boost Qatar’s revenues.
Qatar’s robust growth in the liquefied natural gas (LNG) sector is expected to continue contributing significantly to the nation’s economy. The country’s plans to increase output at the North Field by 85 percent by 2025 are projected to nearly double its natural gas production by 2030, from the current 77 million tons per annum.
The LNG sector is a major driver of Qatar’s economy, accounting for approximately 70 percent of government revenue and 80 percent of export receipts.
