CEOs in Kuwait optimistic despite risk of recession

CEOs in Kuwait optimistic despite risk of recession

By Majd Othman

KUWAIT: KPMG Kuwait held a press conference on Monday to launch the Kuwait CEO Outlook report for the year 2022-2023 titled ‘Turning the Tide’, in the presence of Managing Partner at KPMG Kuwait Rasheed Al-Qenae and members of the senior management team. The KPMG Kuwait CEO Outlook report indicates seven in 10 CEOs discount the possibility of a globally anticipated recession in the country. It also shows CEOs are not only confident in terms of Kuwait’s growth prospects, but also feel more resilient with regards to the global economy compared to 2021.

The report shows that when CEOs in Kuwait are looking past recent economic slowdowns, they look optimistically towards achieving structural growth during the next three years (2022-2025). The KPMG Kuwait CEO Outlook 2022–23 report focuses on four primary themes — economic outlook, technology, talent and ESG (environment, social and governance), while it highlights a great discrepancy between some global trends and current trends in Kuwait. Qenae said the past recent years have brought significant problems and pressures, where companies had to be flexible in dealing with challenges and steadfast in the path to continue with the same approach due to the continuous waves of crises and the