The head of the Kuwait Chamber of Commerce and Industry, Muhammad Al-Sager, pointed out that "the Kuwaiti economy has been living for 16 months and so far has been trapped in intertwined crises, it is represented by the Covid-19 pandemic, the drop in oil prices, and the absence of the vision and capacity needed to manage such a crisis.”
Al-Sager explained during the Chamber's 57th General Assembly, "The Kuwait Chamber of Commerce and Industry was at the forefront of sounding the alarm, warning of the economic repercussions of the health pandemic, and the call for swift action to encircle it.” He pointed out that "small and medium enterprises in particular enjoyed a central importance in the Chamber's meetings with representatives of the private sector, as the Chamber's office carried its results to His Highness the Prime Minister."
Al-Sager stressed that "the objective consistency between the visions of technical and specialized economic leaders in the public and private sectors, he did not succeed in reducing the great discrepancy in the orientations of the two authorities, so the serious executive steps were short, slow and ambiguous, it is what we all pursued with regret, and we experienced its results with bitterness, and we paid and pay for it with fatigue and hardship.” He explained that "the most informative and dangerous proof of this is the decline in Kuwait's sovereign credit rating and the change in the future outlook of its economy, while the Kuwaiti banking system remains alone in dispelling the ambiguity of the scene and preserving optimism."
Source (Al-Rai Kuwaiti Newspaper, Edited)
