Qatar Expected to Double Economy by 2031 Amid Strategic LNG Expansion and Diversification

Qatar, 21 August, 2024 :  Qatar is on track to double its economy by 2031, according to Standard Chartered’s global research. The Gulf state’s recovery to pre-2014 oil price levels highlights its strategic role in the global energy market and its successful diversification efforts.

Currently the world’s sixth-largest gas producer and holder of the third-largest gas reserves, Qatar benefits from high hydrocarbon prices and rising global LNG demand. The country’s expansion of LNG capacity, with a planned 85% increase at the North Field by 2025, will further boost revenues. Qatar’s gas output is expected to nearly double by 2030.

Standard Chartered’s CEO for Qatar, Muhannad Mukahall, praised Qatar’s recovery, attributing it to strategic diversification in sectors like manufacturing, tourism, and finance. The Third National Development Strategy (2023-30) aims to reduce reliance on hydrocarbons and enhance economic resilience.

Despite global oil market volatility and geopolitical risks, Qatar’s robust demand for energy and substantial infrastructure investments continue to support its economic growth. The non-oil sector now constitutes two-thirds of Qatar’s GDP, with significant contributions from real estate, construction, and finance. Reforms and foreign investments have further strengthened Qatar’s diversification strategy.

Source : www.zawya.com