Qatar’s estimated 22% growth of its economy in 2011 will not impact local luxury market
The IMF predicted this year that Qatar’s GDP growth could exceed 22%, placing it among the fastest growng economies worldwide. The largest world producer of gas, Qatar would benefit not only from its exports, but also from some its very profitable ventures, such as Qatar Airways.
However, the GDP growth would not translate in an increase of its luxury market, the majority of the very wealthy Qataris prefering to buy abroad. The lack of a major international standard luxury shopping centre, with a proper luxury shopping environment and experience. Higher prices and a relatively low level of customer service are also to be blamed.