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Qatar has the largest non-associated gas field in the world and 13% of world’s natural gas reserves. Qatar is the world’s largest producer and exporter of liquefied natural gas (LNG). Since 2012 and the end of the development of the gas industry, economic growth has relied on non-hydrocarbon sector activity: industry, infrastructure (linked to the 2022 World Cup) and services. The Saudi-Emirati embargo on Qatar has not significantly worsened economic prospects. It has been removed in January 2021 without any significant concession from the Qatari government. New LNG export capacities are due to come on stream by 2025-27, with an expected 60% increase in capacity, providing significant additional hydrocarbon revenues. The main vulnerability is the external position of the banking sector. The net external liabilities are the sector are equivalent to USD124bn or 70% of GDP. The rial (QAR) is pegged to the USD.

Qatar is a member of the Gulf Cooperation Council (GCC). The country withdrew from the Organisation of Petroleum Exporting Countries (OPEC) in 2019.