An investigation in to the effect of oil and gas to Qatar's economy Essay

An investigation in to the effect of oil and gas to Qatar's economy - Essay Example Apart from earning substantial revenues from exporting various products, every industrial giant within these nations consume 25 barrels of oil per person annually in order to maintain smooth functionality in the operations and thus contribute to the overall economic development of the nations (The World Bank 103). In terms of Qatar’s economic condition and position, recent reports project that the nation experiences a real growth rate of about 5.5 % and is ranked 44th position in terms of world ranking. The per capita income of this nation was $102,100 in terms of world ranking until the year 2013. Observably, the nations is ranked 3rd in terms of gross national savings, 19th in terms of crude oil production and 6th in terms of natural gas production (Central Intelligence Agency, â€Å"The World Factbook† ). By taking into concern the findings of this particular study, the null hypothesis to be tested in this study will be, â€Å"The oil and gas industry has no considerable impact on Qatar’s economy has been validated†. This claim has been validated from the perspective of Qatar’s officials who provided the reason behind the lack of impact on that country’s economy. Although oil comprises 58% of Qatar’s economy as well as 59% of that country’s exports as of 2012, the officials maintained that the country’s growth would slow to 5% during the 2014 financial year. The economy would not realize considerable impact because Qatar’s exports are expected to go down as the country plans to invest heavily on its infrastructure as it prepares for 2022 World Cup tournaments (Bakr and Dokoupil). The information accumulated from the research work certainly helps in determining the validity of the above-depicted null hypothesis. It can be affirmed that the research question is mainly structured with the intention of understanding that how oil and gas sector being the primary sector in the Qatari economy impose extensive impact specifically on the