Introduction
The overuse of specific natural resources can result in reduced sustainability and even threaten the integrity of a country’s economy. The promotion of new policies in Qatar strengthening the partnership between public and private sectors is an effort that has resulted in a shift to economic diversification, thereby increasing the sustainability index. The discussion below gives a detailed analysis of the thesis and supports it using various examples from Qatar.
Diversification Policies
For many years, the government of Qatar relied on the gas and oil industry as the main source of wealth. The Qatar government has introduced new policies and plans to support the initiative include the Qatar National Vision 2030 and the Qatar National Strategy 2018-2022 (Tok 632). These plans are improving the level of inclusion for the private sector. Such new partnerships are making it possible for small business entities to receive government support and continue transforming different areas of the economy. More people have been able to get new job opportunities that never existed before. For example, the hotel and hospitality industry has become essential due to the increasing number of people visiting the country.
With these new developments, the oil industry is currently contributing less than 50 percent to the GDP. With the idea of diversification, the government has supported ICT useful different policies. The move has made it possible for Qatar to have a mobile penetration of 100 percent (Tok 632). Around 89 percent of the population has a computer while the greatest percentage of the population has access to the Internet (Tok 633). Logistics and tourism industries have received continuous support as a way of preserving the available natural resources. The exploration of untapped areas is a practice that will eventually support economic sustainability.
Economic Sustainability
The concept of sustainability revolves around the availability of different sources of GDP and economic opportunities for all citizens. Overdependence on a given sector is malpractice that makes a country incapable of overcoming the challenges associated with financial crises or any form of depression. New sectors arising from the established public-private partnerships have become across the country (Biygautane 91. For instance, the Qatar Tourism Authority is keen to support emerging businesses and private companies that can attract more people and fulfil their expectations. Such an achievement has the potential to increase Qatar’s foreign exchange and attract more foreign direct investments (FDIs).
The outlined development is making it possible for Qatar to diversify its economy and maintain the pace set by other countries in the region. With its financial strength and GDP, Qatar has the potential to consider new strategies that will improve the level of economic sustainability. Such a move will present additional opportunities for the people to experiment with new ideas and make their country more stable and capable of overcoming any form of economic depression (El-Radhi 56). The introduction of more partnership opportunities will, therefore, improve economic performance and transform the lives of the greatest number of citizens.
Conclusion
The above discussion has identified Qatar as one of the countries in the Middle East that have utilized the diversification model to make their economies more sustainable. The inclusion of the above policies aimed at supporting public-private partnerships is an evidence-based approach that has supported the entire process. The government can consider additional measures to change the current situation and introduce additional sectors that will maximize the current GDP and empower more citizens to become successful members of the community.
Works Cited
Biygautane, Mhamed. “Infrastructure Public–Private Partnerships in Kuwait, Saudi Arabia, and Qatar: Meanings, Rationales, Projects, and the Path Forward.” Public Works Management & Policy, vol. 22, no. 2 (2016): 85-118.
El-Radhi, Yesenn. Economic Diversification in the Gulf States: Public Expenditure and Non-oil Economic Growth in Bahrain, Oman and Qatar. Gerlach Press, 2018.
Tok, Evren. “The Incentives and Efforts for Innovation and Entrepreneurship in a Resource-Based Economy: A Survey on Perspective of Qatari Residents.” Sustainability, vol. 12, no. 2 (2020): 626-645.