Estimates by "Fitch Solutions" of the international credit rating agency "Fitch" showed that Kuwait's economy will contract by 10.5 percent in 2020, while it expected Kuwait to achieve growth in 2021 by 2.7 percent and 3.4 percent in 2022.
According to Fitch Solutions, the Kuwaiti economy will not restore the level of production that it was before the crisis until 2024, indicating that the long-term outlook is weak, revealing that the growth of exports, which was a major driver of economic expansion, will slow in the coming years with the stability of oil production, and that without major diversification plans, the growth trend in the country will slow significantly in the coming period.
And it indicated that after Kuwait recorded a small deficit equal to 1 percent of GDP in 2020, the current account will return this year to registering a surplus equal to 10.2 percent of GDP. The agency expected that the surplus would gradually decline in the coming years with the stability of oil prices and the slowdown in production growth, noting that the large foreign currency assets in Kuwait give the economy huge buffers against external shocks.
Source (Al-Rai Kuwaiti Newspaper, Edited)
