The richest nation on earth

Qatar is striving to raise its credit rating to ‘AAA’, two levels higher than its current rating of 'AA' with a stable outlook. The country’s economic growth accelerated to an average 13% during the period from 2008 to 2012. Such favourable international ratings, combined with a healthy financial climate, ensured that Qatar enjoyed a stable economic outlook. However, Qatar may find it difficult to win a credit rating upgrade in the next two years unless the nation reduces its reliance on public spending. According to Standard & Poor's, Qatar’s limited monetary flexibility, and its banks’ increasing dependence on external financing stand in the way of raising the rating from ‘AA’.