The Arab Monetary Fund (AMF) expected that the Kuwaiti economy will witness a relative recovery in 2021, with an increase in its pace in 2022, supported by the activity of the non-oil sector and an increase in oil production. The Fund expected the Kuwaiti economy to grow by 2.7 percent this year, and to increase the rate to about 3.7 percent in 2022, to reflect the expected rise in oil production next year, and the continued recovery of the non-oil sector.
The expectations of the "Arab Monetary" came in the 15th edition of the "Arab Economic Prospects" report, which included an update of the international economic environment, its repercussions on Arab countries, and expectations of economic growth and inflation in Arab countries during 2021 and 2022.
The report indicated that its expectations for the recovery of the Kuwaiti economy come in light of the return to normal conditions for economic growth, the application of measures to control public finances to reduce the deficit, and the financial and economic reform measures expected to be implemented gradually during the coming period, based on the "New Kuwait Vision 2035" to improve the business environment and economy diversification.
The AMF noted that the continuation of the stimulus packages adopted by the government will support the economic recovery, revealing that despite Kuwait's exposure to another wave of the spread of the Coronavirus, the high rate of infections, and the health authorities' having to impose a partial ban during the months of March and April 2021, the Kuwaiti economy witnessed a partial recovery with the reopening of some commercial activities.
Source (Al-Rai Newspaper-Kuwait, Edited)
