Qatar's Economic Shift Aways From Hydrocarbon Reliance
04 March 2024•
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The non-hydrocarbon sector has gained in economic importance in Qatar reaching 63% in 2022 up from 51% a decade ago.
Non-hydrocarbon sector is the main contributor to growth but the large hydrocarbon sector limits economic growth and remains a significant contributor to government revenue at around 60%.
Qatar is heavily investing in further building a robust digital ecosystem as one of the key levers to reduce hydrocarbon reliance.
In early 2023, Qatar Credit Bureau launched a national FinTech strategy to provide financial education to SMEs and start-ups and create a fintech incubation center to cater to startups in the financial sector.
As GDP data are released for 2023, it will be interesting to see where Qatar is on its journey towards reducing hydrocarbon especially as it enters the development of its third and final National Development Strategy toward Vision 2030 providing a critical opportunity to recalibrate the reform agenda.
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