With Middle East Countries’ boycott of Qatar, the country’s status has changed from a ‘safe place to invest’ to ‘difficult to continue’. The stock markets in Qatar have gone down. The situation may be temporary but as of now, it has affected Qatar-based service sectors such as banking, finance, insurance, travel and tourism, logistics, IT enabled services and FMCG sector in marketing.
Qatar has been an attractive destination for job-seekers. But, now recruitment rate has dipped and if the situation continues, the country may descend to recession. Many overseas companies have investments in Qatar. If the crackdown continues, overseas funds flow will get reduced, forcing companies to adopt employee retrenchment as the next option.
However, Indians should not take a hasty decision based on the recent happenings. Over the years, Qatar economy has been resilient. Recent developments may get settled within a few months. My advice would be to not resign from your current position. If the companies insist on retrenchment, take leave for a few weeks. If there is a reduction in wages, try to adjust initially. It will get corrected once the stalemate subsides. Try to wait for a few months before entering into entrepreneurship and joint ventures in Qatar. Potential graduates or students need not worry but work towards acquiring maximum skills for the appropriate sectors.
(The writer is an educational and career consultant)
