The State of Qatar is a World Bank high-income economy, backed by the world’s third-largest natural gas and oil reserves. Qatar has the third-highest GDP per capita in the world, with very high human development. Similar to other Gulf Cooperation Council states – the United Arab Emirates, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain – Qatar is wrestling with the fluctuations in global hydrocarbons prices that started in 2014 and are now compounded by the Saudi-led embargo since 2017.
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