Economic growth will soften in the forecast horizon through 2021; but the large hydrocarbons sector and investments related to the government's sizable infrastructure program will continue to support economic activity. S&P Global Ratings anticipates that, despite the ongoing boycott, political and social stability will continue, although decision-making is opaque and centralized. The government's strong fiscal and external net-asset positions will remain a core rating strength. Increasing nonresident deposits demonstrate renewed 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 2020. The stable outlook primarily reflects our view that Qatar's economy will remain resilient, supported by
