Why does qatar have such a high gdp

Here are five facts to get you started. Men outnumber women - hugely. London's biggest landlords? Image source, PA. Qatar really loves art. Read more: Qatar's influence over the art world. A rather large teddy bear. Image source, Getty Images. Qatar has record riches - for some.

Related Topics. Qatar crisis Qatar. Published 6 June Log out. US Markets Loading H M S In the news. Harrison Jacobs. Qatar has been ruled by the Al-Thani family since the early s when it became a British protectorate. The country was marked by widespread poverty, malnutrition, and disease from the collapse of the pearl trade in the s. In , oil was discovered at Dukhan. Development on the field was slow until because of World War II.

While the oil discovery was significant, it was nothing compared with the natural-gas reserves found 30 years later. The discovery of off-shore oil fields and their development by Shell led to an increase in Qatar's production to , barrels per day. New revenue from oil exports flooded the pockets of the ruling family, and Qatar began a slow modernization process.

The country's first school, hospital, power plant, desalination plant, and telephone exchange all opened in the s. Oil revenues steadily increased through the s as the Al-Thani family strengthened its grip on power by installing relatives in high government positions. All Al-Thani family members were granted extravagant allowances. Qatar gained its independence in after Great Britain announced that it was removing all of its military obligations east of the Suez Canal.

Khalifa bin Hamad cut the expenditures of the royal family and increased spending on social programs, housing, health, education, and pensions. Petroleum production was still running high at the time, so the field was not developed. Thanks to the North Field, Qatar has the largest natural-gas reserves in the world after Russia and Iran. Qatar's reserves are estimated to be trillion cubic feet. The crash of oil prices in the s, along with the emir siphoning off oil revenues, stalled the Qatari economy.

The crisis led Qatar finally to develop the North Field in , though even then production was slow. By , the situation in Qatar had not improved. Sheikh Hamad set a whole new direction for the country. One of Sheikh Hamad's first moves was to fast-track the development of the North Dome field. Production was ramped up, and Qatar began exporting liquid natural gas for the first time.

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Edit Story. Feb 22, , pm EST. Lifestyle Old. Travel thrills me—luxurious or simple, far afield or a state away.