KUWAIT LOSE 400,000 FULL TIME JOBS IN 2020

  • 06/08/2021

Kuwait City: The economic downturn caused by the covid epidemic has reportedly hit the country's migrant labor markets. According to ILO figures, Kuwait and Oman have surpassed the global average in terms of job losses. It is estimated that by 2020, the equivalent of 400,000 full-time jobs will be lost. Kuwait has the largest GDP deficit in the GCC at 26.2 percent by 2020.


It is expected to fall to 22.2 per cent this year, 19.3 per cent in 2022 and 8.3 per cent next year. At the same time, the World Bank report says the country is likely to impose an increased tax (VAT) at some point this year. According to the report, oil exports will be the driving force behind the country's economic growth.

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