Kuwait City: The country is likely to introduce value added tax (VAT) this year and next. This is stated in the World Bank report on the economic situation in the GCC countries. At the same time, Kuwait's economy is expected to grow by 2.4 percent in 2021, according to the report. Economic growth will be 3.2 percent in 2022 and 2023. Oil exports and domestic gas consumption continue to be the driving forces behind economic growth. The main source of income is oil. As the number demand increased the World Bank expects the economy of the GCC countries to make a comeback this year.
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