Qatar still one of the richest countries in the world
Qatar continues to be one of the wealthiest countries in the world with a per capita income that was estimated at over US$101,000 in 2013.
The per capita income has risen at an impressive rate of 7.8 percent annually since 2006 when the figure was merely 58,400, official data suggest.
The figure will keep looking up in the years to come due to rising state revenue from natural gas and petrochemical industries and from returns on the state's overseas investments.
According to Sustainable Development Index Report 2014 issued by the Ministry of Development Planning and Statistics, the assets of Qatar Investment Authority (QIA), the state's sovereign wealth fund, were an impressive $175bn
in 2012.
The ratio of the state's investment to the gross domestic product (GDP) had been fluctuating between 2006 and 2013 and in 2010 it was the highest at 40 percent.
The ratio has grown at the rate of 6.9 percent annually in the seven years between 2006 and 2013. The growth can be attributed to the twin factors of an increase in return on investment and high oil and gas revenue.
The rate of investment is expected to grow significantly in the years to come due to the expansion of the state's investment programme in different sectors, said the ministry report.
The report sketches the price rise since 2006 when the cost of living in the country actually began spiraling. In 2006 the rate of inflation was in double digits — at an alarming 11.8 percent.
It peaked at 15.2 percent in 2008, driven mainly by high demand for housing, rent increases and a rise in construction material costs.
The rate of inflation has since been 3.4 percent on average and it nosedived in 2009 and 2010, according to the ministry's report. In 2013, it was 3.1 percent. [Read more on The Peninsula]
The salary of employees has to be maintained minimum standards, and proper visa profession has to be stamped. Minimum pay according to visa professions
realy appreciate that. Also we read about new coming labour low ... But still don't understand the last few year Qatar issue the visas all project visas and the labour Canot change his visa to another company he should go back own country and come back with new visa ...so please take a look
If the labour law is amended, labour costs will increase and profits will decline.
EG: Rizks at present pays his Karak Chai Delivery Boy 800 QR per month and no medical. Proper labour laws will allow free movement of labour and salaries will have to go up to retain employees.
DON'T DO IT!
I want to believe so, but they should critically look at their labor law.
LOL
HiHi