The IMF (or International Monetary Fund) predicts that the per capita income in Qatar will surge from the 2010 figure of $76,160 to an incredible $109,900 by the close of this year.
This boost will push Qatar up in the global rankings, placing it second only to Luxembourg for per capita GDP.
Local Arab media quoted the IMF recently stating that Qatar will likely remain in second place, a coveted spot, for the next five years.
After surging growth this year, the per capita income will rise more slowly from 2012 to 2016. It is expected to hit $113,040 by the end of 2016, based on IMF data. Luxembourg, by comparison, is expected to see $120,060 in per capita GDP by the end of this year and should hit $134,640 in 2016.
As Qatar experiences growth of 44 percent in its per capita income for this year Norway will be pushed into third place in global rankings, according to the Arabic daily. This year will see the per capita GDP in Norway hit $96,800, while that figure will not surpass $100,000 until 2016 when it should sit around $105,600 by year’s end.
Those figures will allow Norway to continue in third place for 2016. This nation will be followed closely by the UAE, which is expected to rank fourth in global per capita GDP.
Qatar’s economy is set to come in third place in the GCC by the close of this year, behind Saudi Arabia in first place and the UAE in second. Qatar will then rank fifth in the Middle East in terms of the size of its economy. The nation’s economy is expected to swell to $194.3 billion by the close of 2011 and should reach $243.2 billion by the year 2016, based on data from the IMF.
During that five-year period the population in Qatar is expected to swell to 2.17 million, a 4.6 percent growth. In 2010 the population was reported to be 1.7 million.
In the daily’s report however, a banking industry expert noted that due to a massive expat population, the per capita GDP in Qatar should be reported much higher than the estimates put forth by the IMF.
This expert praised Qatar and stated that higher levels of liquidity, greater inflows of foreign investment and increasing purchasing power for the people will be a result of higher per capita income levels.
Despite this praise, it was not noted that higher liquidity and improved purchasing powers for people would also produce higher levels of inflationary pressure, which will have a negative impact on the low to middle-income residents of the nation.Paul Holdsworth, Staff Writer, Gulf Jobs Market News