Transformation to Sustainable Economy: Qatar as a Case Study

Abstract

This study charts the transformative course from a resource-based economy to a Sustainable Economy (SE) within the context of Qatar. The study stands out for developing a comprehensive SE definition formulated as "a balanced, value-based, dynamic economic system that meets today's generation's economic needs within ecological and social limits while not compromising the system's ability to meet future generations' needs." This definition is a cornerstone of the research, encapsulating the essence of sustainability and setting the stage for a multidimensional approach to economic development. The study also emphasizes the importance of transformation SE as a necessary goal for all countries and nations because the conventional economic (CE) system based on endless economic growth goals is unsustainable and leads to irreversible damage to society, the environment, and future generations, and that cyclic, incremental adjustments and repairs do not and will not fix its century-long impacts. SE has been the topic of many studies. However, it has rarely been fully defined, making transformational efforts, plans, and strategies for SE difficult due to a lack of clear definitions and metrics to measure progress toward it. This paper addresses the lack of clear definitions and metrics for a sustainable economy, proposing an expanded and improved definition and identifying 15 distinctive features based on a comparative review of the literature and expert feedback. The study also attempts to identify representative indicators for SE by mapping metrics onto sustainability dimensions, comparing them to the new features, and developing a Sustainable Economy Index (SEI) that combines economic, social, and environmental factors to evaluate progress towards SE. To build the SEI, researchers conducted literature reviews, sought expert input, and conducted studies to ensure its accuracy and usefulness. Key findings from applying the SEI to Qatar reveal that it is moving toward SE at a lower pace, given its resources and capacity. The SEI's application provided valuable insights into Qatar's sustainability trajectory, helping refine strategies and policies to enhance the country's overall sustainability efforts. Furthermore, the research discusses the methodology behind the SEI, including its creation and application process, which involves robust data analysis and validation through expert interviews. This research advances academic discourse and has profound implications for policymakers, businesses, and stakeholders steering the global economy towards sustainable trajectories. Providing a nuanced understanding and practical tools supports well-informed decision-making and strategic planning necessary to transform to SE. The innovative concept of the social permissibility frontier emphasizes the critical need for economic and social initiatives to resonate with society's evolving values and expectations. This concept underscores the dynamic interplay between policy development and societal acceptance. The study also pioneers the recommendation of rolling plans within the Qatari context, showcasing an original adaptive planning framework that enhances strategic responsiveness and effectiveness. This approach is particularly relevant for addressing the deep-rooted, intangible factors influencing the SE trajectory. The study contributes substantially to the discourse on sustainable development by providing a robust framework for SE, advancing measurement methodologies, and offering strategic recommendations that align with societal dynamics. The implications of this research extend beyond Qatar, offering valuable insights and methodologies for the global pursuit of sustainability. The study also outlines the significant challenges and limitations faced during the research, including the limited number of experts and the geographical focus on Qatar, which may affect. It proposes future enhancements to the SEI, suggesting the incorporation of real-time data analytics and broader indicator sets based on expanded expert feedback. This approach aims to make the SEI more dynamic and responsive to changes in sustainability practices and policy impacts. In future follow-up studies, a more extended timeframe with further enhancements should be applied to improve the coverage of the indices for a larger group of countries.

Date of Award	2024
Original language	American English
Awarding Institution	HBKU College of Science and Engineering