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While known primarily for its vast gas reserves prior to 2010, Qatar’s global profile received a major boost that year when it was chosen to host the 2022 FIFA World Cup, leading to a significant increase in infrastructure development throughout the country. Qatar is now leveraging its natural resources to become a knowledge-based, diversified economy, and it is looking to attract greater foreign direct investment to further develop its non-oil growth engines, such as tourism, sports, financial services, technology, real estate and logistics.
The emirate posted robust economic expansion across all sectors in 2013, and its resilience in the years following the global economic downturn has helped to re-build confidence among the global business community. Dubai has set itself the target of reaching 20m visitors per year by 2020 and the emirate received a major boost to this end when it won the right to host World Expo 2020 in November 2013.
The sultanate’s economy continues to enjoy the benefits of petroleum wealth, which has provided budget surpluses in most years and served as a backbone for growth. However, planning is well under way for an era in which oil will not be the main economic driver, with the twin goals of diversification and creating an increased number of private sector jobs at the top of the government’s current agenda.
A diverse country with an intriguing history, the Philippines today is a multi-party, democratic republic, open to foreign investment, and integrated within the regional and international political and economic community.
Over the past decade Peru has seen a period of transformative growth, effectively positioning it as one of the leading economic performers in Latin America. Posting growth rates in excess of 6% from 2010-12, the economy expanded by a further 5.1% in the first half of 2013.
As the single most populous nation in Africa, Nigeria recently overtook South Africa as the largest economy on the continent. Natural resources, oil and gas in particular, comprise the country’s single largest revenue-earner but the 170m person economy also has seen significant activity in recent years into the industrial, financial, telecoms and – as of 2013 – power sectors.