Kuwait GDP cut 9.9% in pandemic ’20 – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait English Daily

Kuwait GDP cut 9.9% in pandemic ’20 – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait English Daily

KUWAIT CITY, June 13 Governor of the Central Bank of Kuwait, Dr. Mohammad Y. Al-Hashel announced the publication of the 49th issue of the Economic Report, published annually by the Central Bank of Kuwait (CBK). The 2020 Economic Report covers key economic developments, including the most recent data and statistics available on various aspects of economic performance in the State of Kuwait during said year. The report addresses these developments in six parts, each covering a major topic in detail. The global economy suffered an exceptionally tough year due to the COVID-19 pandemic that caused the worst economic shock in a century. Precautionary and preventative measures went as far as total shut down of many economic activities in the first and second waves of the pandemic, putting a hard stop to a considerable portion of economic activity locally and abroad, shocking supply and demand.

to the pandemic and its serious ramifications, the International Monetary Fund (IMF) estimates that the global economy had retracted by 3.3% in 2020 compared to a growth of 2.8% in 2019. As global and regional economies suffered recessions, a retraction in both global demand for oil and in oil prices, directly or indirectly affected