KUWAIT'S GDP SHRANK BY 9% AS A RESULT OF FULL AND PARTIAL BLOCKADES

  • 25/04/2022

Kuwait City: The rise in global food prices has an impact on the balance of payments, inflation rates, and the government's financial position. To assess how vulnerable countries are to price increases, MUFG Bank, one of Japan's largest banks, compares the ratio of food commodity imports to GDP in emerging economies, including Kuwait, which accounts for about 4% of the country's GDP. 


Kuwait's GDP is expected to be 36 billion dinars in 2020, down 9% as a result of the Corona epidemic and the resulting implications and full and partial lockdowns, whereas the International Monetary Fund forecasts 3.5 percent growth in the non-oil economy and a 4.4 percent increase in inflation. Inflation increased by 4.30 percent on an annual basis in December, according to data from the Central Administration of Statistics.

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