Before the discovery of oil, the economy of the Qatari region focused on fishing and pearl hunting. After the introduction of the Japanese cultured pearl onto the world market in the 1920s and 1930s, Qatar's pearling industry crashed. Oil was discovered in Qatar in 1940, in Dukhan Field. The discovery transformed the state's economy. Now, the country has a high standard of living. With no income tax, Qatar (along with Bahrain) is one of the countries with the lowest tax rates in the world. The unemployment rate in June 2013 was 0.1%.
Qatar has the highest GDP per capita in the world as of 2012, according to the CIA World Factbook and approximately 14% of households are dollar millionaires. It relies heavily on foreign labor to grow its economy, to the extent that migrant workers comprise 94% of the workforce. The economic growth of Qatar has been almost exclusively based on its petroleum and natural gas industries, which began in 1940. Qatar is the leading exporter of liquefied natural gas. In 2012, it was estimated that Qatar would invest over $120 billion in the energy sector in the next ten years. The country is a member state of OPEC, having joined the organisation in 1961.
In May 2012, Qatari officials declared their intention to allow the establishment of an independent trade union. Qatar also announced it will scrap its sponsor system for foreign labour, which requires that all foreign workers be sponsored by local employers, who in some cases hold workers’ passports and can deny them permission to change jobs. According to the ITUC, the visa sponsorship system allows the exaction of forced labour by making it difficult for a migrant worker to leave an abusive employer or travel overseas without permission. Qatar does not have national occupational health standards or guidelines, and workplace injuries are the third highest cause of accidental deaths.
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