'KUWAIT'S ECONOMY WILL SUFFER AS A RESULT OF THE KIEV WAR'. - 'FOOD AND MEDICAL PRICES TO SOAR'

  • 17/03/2022

Kuwait City: According to Tariq Al-Rifai, CEO of the Quorum Center for Strategic Studies and Economic Research, the present conflict between Russia and Ukraine is having a severe detrimental impact on the Kuwaiti economy. In an exclusive press release, he stated that he is certain that inflation will rise and that a severe recession with a decrease in purchasing power will occur. Al-Rifai emphasised that the crisis will boost demand for food and medical supplies owing to the high prices that most products will face in Kuwait, given that Kuwait imports the majority of its needs from abroad. 


He said that the increase in oil prices, which reached about $140 per barrel for the first time since 2008, is a beneficial element for the local economy, particularly the state's general budget, because the government sector accounts for more than 75% of the state's total GDP. The spike in oil prices will lead to a slowing of the world economy and, in particular, the Kuwaiti economy. As was the case before the conflict, food costs will skyrocket in the next months, accompanied by shortages and a lack of items. This has the potential to drive inflation to record levels, similar to what happened during the start of the COVID-19 epidemic.

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