Investments related to the government's sizable infrastructure program will continue to support economic activity, outweighing negative sentiment related to the ongoing boycott. S&P Global Ratings anticipates that domestic political and social stability will continue, although decision-making is opaque and centralized. Increasing nonresident deposits demonstrate strengthening investor confidence in the financial sector, but this largely short-term external funding worsens Qatar's external liquidity position. We project a current account surplus averaging 4.5% of GDP in 2019-2022, assuming lower hydrocarbon prices from 2021. The government's assets will likely remain a core rating strength. The stable outlook primarily reflects our view that Qatar will continue to effectively mitigate the economic and financial fallout of the boycott imposed on the country in June 2017 by
