(MENAFN) Based on Qatar's expected 6-7 percent growth, the country's GDP is projected to hit approximately USD230 billion in the current financial year, emerging as the region's second largest economy on the long term, The Peninsula Qatar reported.
"Going by the projected growth rate, Qatar's economy will account for almost one third of the total GCC economy. The new budget allocation is a reflection of the country's sustained economic growth," a local economist said.
In the past few years, the country's economy has made great steps, driven by the emergence of new industries. The petrochemical sector, for example, has great export potentials.
Analysts noted that Qatar will be one of the region's countries which would be benefitting hugely of the global growth shift from West to East.
The Gulf nation improved trade relationships with many Southeast Asian economies, such as China, India and others, which will help Qatar boost its economy in the coming years.