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Economy of Qatar
Petroleum and liquefied natural gas are the cornerstones of Qatar's economy and account for more than 70% of total government revenue, more than 60% of gross domestic product, and roughly 85% of export earnings. Proved oil reserves of 15 billion barrels (588,000,000 m3) should ensure continued output at current levels for 23 years. Oil has given Qatar a per capita GDP that ranks among the highest in the world. Qatar's proved reserves of natural gas exceed 7000km3, more than 5% of the world total and the third-largest reserves of any country in the world. Production and export of natural gas are becoming increasingly important. Long-term goals include the development of off-shore petroleum and the diversification of the economy.
Qatar is now the richest country in the world. Current GDP per capita registered a world record-breaking peak growth of 1,156% in the 70s. This became quickly unsustainable and Qatar's current GDP per capita contracted 53% in the 80s. But rising global oil demand helped current GDP per capita to expand 94% in the 90s. Diversification is still a long-term issue for this over-exposed economy.
Qatar (/ˈkæˌtɑːr/,i/ˈkɑːtɑːr/, /ˈkɑːtər/ or i/kəˈtɑːr/;Arabic:قطرQaṭar[ˈqɑtˤɑr]; local vernacular pronunciation: [ɡɪtˤɑr]), officially the State of Qatar (Arabic:دولة قطرDawlat Qaṭar), is a sovereigncountry located in Southwest Asia, occupying the small Qatar Peninsula on the northeastern coast of the Arabian Peninsula. Its sole land border is with Saudi Arabia to the south, with the rest of its territory surrounded by the Persian Gulf. A strait in the Persian Gulf separates Qatar from the nearby island of Bahrain, as well as sharing sea borders with the United Arab Emirates and Iran.
A television viewing audience of 484 million in 80 countries across the Asia-Pacific region, Europe, North America and North Africa witnessed Japan defeat Australia 1–0 in the final.
Qatar, India and Iran all lodged interest in hosting the 2011 AFC Asian Cup, while Australia also considered making a late bid. Qatar officially submitted their bid on 19 June 2006, while India withdrew their interest and Iran failed to submit proper documentation for their bid on time.
Qatar was announced as host nation on 29 July 2007, during the 2007 AFC Asian Cup in Jakarta, Indonesia. Due to FIFA regulations stating that confederation events can be hosted either in January or July, and July being peak summer heat in the Middle East, it was also announced that the tournament would be held in January of that year.