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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.
After weathering a series of global and regional challenges in recent years, Bahrain is emerging from the Covid-19 pandemic with strong growth, rising government revenue and a new plan for the future economy. As energy and tourism earnings recover, the kingdom aims to generate sustainable long-term growth opportunities through new sector strategies and transformational infrastructure projects. These positive developments build on the country’s robust financial services and manufacturing sectors, which have helped make it one of the most diverse economies in the Gulf.
Located at the geographic centre of the MENA region, Egypt has a well-documented history that has seen it accumulate knowledge and wealth over millennia. Egypt proved resilient during the Covid-19 pandemic: it was the only country in the MENA region to record positive GDP growth in 2020. Its economy has been widely driven by the execution of Egypt Vision 2030. This plan notably aims to increase annual GDP to 12% in 2030.
Qatar is leveraging its resources to become a knowledge-based, diversified economy fuelled by a dynamic private sector. As such, the country is investing in strategic areas such as agriculture, services, and research and development to further move the economy away from its dependence on hydrocarbons and attract greater foreign direct investment.
Ghana is the first African country to achieve independence from British colonial rule, and is widely known for its natural resources such as cocoa, as well as its inland water sources. Several measures have been taken to balance government revenue and spending, and the country remains a safe haven for foreign direct investment, which stood at $830m in the first half of 2021. The most recent general elections, held in December 2020, were favourably assessed by observers who noted that they represented a continuation of democratic processes.
With a population of over 200m, Nigeria is a large and diversified economy, despite the government’s reliance on oil and gas revenue. While the Covid-19 pandemic and subsequent oil price crash caused a contraction in economic growth in 2020, it also led to rapid digitalisation across commerce, education and communication. This shift is expected to put Nigeria in a favourable position for recovery in the medium term.