...Institutional and economic profile Flexibility and performance profile We expect Qatar's GDP will contract 4.4% in 2020, as low hydrocarbon prices and COVID-19 risks weigh on private consumption and investment. + Over the medium term, growth will remain subdued as public spending restraint dampens economic activity, particularly in construction. + S&P Global Ratings anticipates that, despite the Arab quartet's prolonged boycott of trade and cooperation with Qatar, political and social stability will continue, although decision-making is opaque and centralized. Qatar will run a deficit in external accounts through 2021, before reverting to a surplus of about 2% of GDP in 2022-2023, on the assumption that hydrocarbon prices and exports recover. + We expect domestic banks' foreign funding (including nonresident deposits) will rise, albeit more slowly, in our forecast horizon; the funding's relatively short-term profile weakens Qatar's external liquidity position. + Nevertheless, the government's...
