Qatar is the world’s highest per capita income country, facing low unemployment and few poverty issues. It possesses the biggest natural gas field in the world. The country’s economic policy focuses on diversification away from the hydrocarbon sector and on establishing Qatar as a regional financial business hub.
Qatar is a member of the WTO and maintains a liberal trade regime. The country has strong ties with other fellow members of the Gulf Cooperation Council (GCC) and does not apply tariffs to goods traded with these members. Qatar has been able to maintain fast economic growth thanks to high oil and gas prices as well as rapid gas capacity expansion. Further contributing to this is the fact that Qatar’s infrastructure is developing dramatically: the banking sector is expected to finance 100 bn USD in infrastructure development until 2022. Exports are not well diversified across different sectors. In 2012, Qatar’s exports were mainly composed of 87% fuels and mining products and 6.2% manufactures. Main export markets of Qatar are Japan, Korea and India.