The short-term forecast for the Queensland economy is bleak, according to a leading Australian economist.

"‘I’m not wildly optimistic about the prospects for Queensland," Frank Gelper, chief economist for business research company BIS Shrapnel, said on Tuesday.

"Most people in this economy are not doing well," he said, pointing to small business as particularly suffering.

"Residential housing is the ray of hope in this but it is not enough in itself to solve our issues."

Dr Gelper was in Brisbane on Tuesday to speak at the BIS Shrapnel annual economic forecasting conference.