KUWAIT HAS THE BEST PERFORMING ECONOMY AMONG GCC COUNTRIES

  • 09/10/2022

Kuwait City: The World Bank predicted that Kuwait's GDP would increase this year, from 5.7 percent in April to 8.5 percent, making the Kuwaiti economy the best performing among Gulf Cooperation Council (GCC) countries. The World Bank stated in its latest economic developments report, "A New State of Mind: Enhancing Transparency and Accountability in the Middle East and North Africa," that Kuwait's real GDP per capita will increase by 7.4 percent, up from 4.5 percent in its previous forecast. 


Next year, the per capita share will rise by 1.4 percent, compared to the previous estimate of 2.5 percent. Kuwait's current account balance will most likely reach 28.6 percent of GDP in 2022 and 23.6 percent in 2023, assuming the overall balance of the public budget is 1.1 percent of GDP this year and -0.5 percent the following year. The Middle East and North Africa (MENA) region is expected to grow at a rate of 5.5 percent in 2022, the fastest since 2016, before slowing to 3.5 percent the following year.

 Furthermore, the six GCC countries' economies are expected to grow by 6.9 percent this year, a full percentage point higher than forecast six months ago. According to the bank, higher oil prices have increased the GCC countries' fiscal space and will result in fiscal surpluses for the majority of oil-exporting countries in 2022, even after additional spending on inflation-mitigation programmes. "However, oil-importing developing countries do not have such exceptional gains," the report continued. They will have to cut other aspects of spending and look for new revenue sources, or increase deficits and debts to fund inflation relief programmes and any other additional spending.

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