Kuwait City: Kuwait's GDP is expected to rise by 5.3 percent this year, then decrease to 3 percent in 2023 after shrinking by 8.9 percent in 2020 owing to the COVID-19 pandemic, according to the World Bank. Issam Abu Sulaiman, visiting World Bank regional director for Gulf Arab states, told a press conference that the adoption of economic changes in Kuwait is suitable at this moment after the country's "bumper financial year."He said the event should serve as a "signal" to set in motion reforms that would put Kuwait's finances and economy on a more sustainable footing, as well as diversifying sources of economic growth and luring foreign investment into the country, just weeks after Fitch downgraded Kuwait's credit rating.
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