A report published by the "Global Finance" magazine revealed that Kuwait is back to the sound economic path after the historic downturn in 2017, in which the GDP fell by 3.5 percent, due to the drop in oil prices.
According to the report of the magazine, which was based on the expectations of the International Monetary Fund, it is expected that the economy of Kuwait will grow by 0.6 percent in 2019 and 3.1 percent during the current year.
The report showed that while Kuwait was able to absorb the tremors caused by low oil prices and regional turmoil, these shocks prompted the government to take reforms that had been neglected for a long time, and aimed at diversifying the sources of growth, while the oil sector is the backbone of the economy, although the share of this sector decreased in gross domestic product from 61 to 55 percent during 2014. According to the report, international oil prices will continue to determine the level of growth in Kuwait with expectations of other sectors achieving an increase in growth.
Commenting on the report, the Governor of the Central Bank of Kuwait, Dr. Muhammad Al-Hashel, explained that "the Kuwaiti economy has continued to show flexibility despite the challenging environment."
Source (Al-Rai Kuwaiti newspaper, Edited)
