The World Bank expected that oil exports will continue to enhance the growth dynamics in Kuwait, expecting the economic growth to rebound to a moderate level of 2.4 percent in 2021 before increasing to an average of 3.2 percent during the years 2022 and 2023.
According to the bank, Kuwait will start implementing value-added tax during the rest of this year, noting that Kuwait recorded in the year 2020 the largest major fiscal deficit among the GCC countries relative to GDP, amounting to 26.2% during 2020, and recorded the largest deficit in the year that it was preceded by 10 percent of the total output, and it is expected that the deficit will decrease to 22.6 percent of the output this year, and shrink to 19.3 percent in 2022 and 8.3 percent in 2023. The report indicated that Kuwait is considered the most dependent on oil exports among the Gulf Cooperation Council countries, and from this point of view, it is expected to record trade balances exceeding 17 percent of the GDP, and it is expected that it will record current account balances at an average of 11 percent of the total. GDP during the period 2021-2023.
Source (Al-Rai Newspaper-Kuwait, Edited)
