Qatar’s real GDP growth will accelerate from 4 per cent in 2014 to 4.7 per cent in 2015, according to Qatar National Bank (QNB), a Doha-based commercial lender that is partly owned by the government.

In an economic report that was released on 7 September, QNB said the country is well-positioned to ride-out low oil prices thanks to its low budget breakeven price and large financial buffers.

QNB forecasts that real GDP growth will come in at 6.4 per cent in both 2016 and 2017.

It says the growth will be driven by the country’s extensive capital project spending programme ahead of hosting the 2022 Fifa World Cup.

QNB predicts the Qatari government will see fiscal deficits in 2015 and 2016 due to high capital spending and persistently low oil prices.

The lender also forecasts that the government will swing into a budget surplus in 2017 due to rising oil prices.