The Institute of International Finance expects that Kuwait will record a contraction in real GDP growth of 7.7 percent during the current year, and a contraction of 7.3 percent in the fiscal balance, with the current account balance reaching 6.6 percent of the GDP.
The institute indicated that the continued government spending and the decline in oil revenues will lead to a fiscal deficit of 7.3 percent of the GDP, or 25.5 percent of the GDP, excluding investment income.
The data of the institute showed that the GDP expected to be achieved by Kuwait during 2020 will reach about 109 billion dollars, with another contraction in the non-oil GDP by 3.1 percent, while the public debt-to-GDP ratio will be 5.1 percent, and the external debt ratio will be about 57.1 percent of GDP, and the public debt at 5.1 percent. On the other hand, the percentage of general foreign assets will reach 533.6 percent of GDP, at a time when the Institute estimated that the country needs an oil equivalent price of about $61 per barrel to adjust its budget during 2020, and at $57 for the next year, adding that oil production is likely to reach about 2.59 million barrels per day.
Source (Al-Rai Newspaper-Kuwait, Edited)
