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Qatar is channeling its hydrocarbons wealth into long-term economic transformation, with diversification accelerating after the FIFA 2022 World Cup. In 2024 non-oil sectors accounted for over 60% of GDP, led by tourism, logistics and financial services. Strong fiscal buffers, a US dollar peg and prudent management of the $475bn Qatar Investment Authority support macroeconomic stability. Reforms in labour laws, green investment, and small and medium-sized enterprise development have boosted private sector participation and competitiveness. The trade and investment sector is a key area of the country’s growth due to the government’s ability to leverage associated international exposure to attract higher inflows of foreign direct investment (FDI), aligning with its broader economic diversification agenda. The energy sector continues to be a boon for the economy and FDI inflows due to Qatar’s abundant natural gas reserves and its liquefied natural gas exports. Qatar’s economy is strong and stable, coupled with a population of around 3.1m, endow Qatar with vast sovereign wealth and one of the highest GDP per capita figures in the world.
Malaysia’s natural resources and its well-educated population are some of the many credentials that keep the country in good stead, with priorities centred on preparing for the ASEAN Economic Community in 2015 and steering the policy framework toward more inclusive political representation. The economy is built around global trade, and the government is working to encourage greater private investment.
Home to an estimated 15.9% of the world’s proven oil reserves, Saudi Arabia is the single largest economy in the Middle East and North Africa. According to the Ministry of Finance, real GDP grew by 3.8% to $746bn in 2013. While oil income is expected to continue to account for the majority of government revenues for the foreseeable future, the non-oil sector has expanded significantly in recent decades growing 9.3% in 2013.
The only monarchy in North Africa, Morocco has one of the more diversified GDP mixes in the region, and the mainstays of the economy include agriculture, tourism, and the textiles industry; higher-end manufacturing, IT and communications, and outsourcing are also all becoming increasingly important. The past few years have seen some significant changes, yet the kingdom has remained stable, even amidst the broader regional turmoil.
The second-largest economy in Latin America, Mexico seems poised to enter a new growth phase as the government of Enrique Peña Nieto implements radical changes in a number of sectors across the economy. The reforms, aimed at raising the competitiveness of the Mexican economy, have the potential to establish Mexico’s position as a regional powerhouse.
Since the country’s transition from communism two decades ago, the Mongolian economy has experienced rapid liberalisation. Sectors including ICT and insurance are expanding quickly and, while the mining sector has been responsible for making Mongolia a rising star in the global economy, there is great potential for further growth in all economic sectors.
