Experts advise Kuwait’s new government on economic revamp

Experts advise Kuwait’s new government on economic revamp

KUWAIT CITY, April 16: A consensus among economists highlighted several significant and formidable challenges facing the new government, under the leadership of Prime Minister Sheikh Ahmed Al-Abdullah, reports Al-Qabas daily. Foremost among these challenges is the imperative to overhaul the ministerial selection process, particularly for economic portfolios. The appointed ministers must possess visionary and innovative …KUWAIT CITY, April 16: A consensus among economists highlighted several significant and formidable challenges facing the new government, under the leadership of Prime Minister Sheikh Ahmed Al-Abdullah, reports Al-Qabas daily. Foremost among these challenges is the imperative to overhaul the ministerial selection process, particularly for economic portfolios.

The appointed ministers must possess visionary and innovative ideas to steer Kuwait away from its reliance on oil revenues towards a diversified economic system that ensures financial and economic sustainability. Kuwait has lagged behind neighboring countries in taking decisive steps towards economic diversification. While others have made strides in tourism, trade, and industry, Kuwait has been slow to follow suit. Economists emphasize the importance of ministers having a clear vision for Kuwait’s economic future and maximizing the role of the private sector in economic development. They advocate for the enactment of laws that incentivize attracting foreign investors.

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