#Qatar expected to double economy by 2031: Stanchart

Qatar expected to double economy by 2031: Stanchart

Qatar possesses the ability to restore government revenues to pre-2014 oil price shock levels and is on track to double the size of its economy by 2031, said Standard Chartered's (Stanchart) global research.

This significant recovery is a testament to Doha’s strategic positioning within the global energy market and its ongoing efforts in economic diversification. Currently, Qatar ranks as the sixth-largest gas producer in the world and holds the third-largest gas reserves, allowing the Gulf state to leverage rising hydrocarbon prices effectively.

The primary drivers behind this recovery include higher hydrocarbon prices and a surge in global demand for energy, particularly within the LNG market.

Muhannad Mukahall, Chief Executive Officer and Head of CCIB at Standard Chartered, Qatar commented: “Qatar’s return to pre-2014 government revenue levels marks a significant milestone in its economic journey. However, this achievement was neither coincidental or accidental but in fact strategically driven by a combination of higher hydrocarbon prices, increased global demand for LNG, and substantial economic diversification efforts within sectors such as manufacturing, tourism, and finance. This is a remarkable turnaround and one that is welcome as we continue to face volatile oil prices and an ever-shifting, vulnerable geopolitical landscape.”