The oil price plunge”, cry headlines all over the world, as one of the most keenly watched commodities continues to lose value — at least 50 percent in the past five months. Oil-producing governments across various continents have been forced to re-assess their budgets and prepare to tighten their purse strings.
But, ironically, while hydrocarbons have been responsible for elevating the Gulf state of Qatar to become the richest nation per capita on the planet, the country’s monarchy also is arguably in the best position of all oil-exporting countries to ride out the price decline.
No economist has come close to predicting gloom — or even a slowdown in the $200bn-plus infrastructure spending — in Qatar. Far from it.
“[Qatar] is very well buffered to weather a decline in oil prices,” says John Sfakianakis, the GCC director of emerging markets investment firm Ashmore Group. Source: Arabianbusiness