Kuwait … 10th largest economy in MENA

Kuwait … 10th largest economy in MENA

Kuwait is the 10th largest economy in the Middle East and North Africa (MENA), according to the report issued by the Middle East Economy, which included a list of the 10 largest economies in the world in terms of gross domestic product (GDP), reports Al-Anba daily. Data from the International Monetary Fund (IMF) revealed that Kuwait was expected to achieve a GDP of $159.7 billion in 2023, while Turkey came in first place with $1.15 trillion. Kuwait is considered one of the richest countries in the world. It enjoys a vibrant economy that derives momentum primarily from its abundant oil resources. Its oil reserves and the tax exemption system have pushed the Kuwaiti dinar to become the most valuable currency in the world at the level of $3.25 and it is considered a clear evidence the economic stability of the country.

Economic diversification

While progress in achieving economic diversification and structural reforms is gradual, Kuwait’s greater economic resilience is supported by the large foreign assets of the sovereign wealth fund managed by the Kuwait Investment Authority (KIA). The MENA region includes some of the most important economic powers in the world, not to mention that it is home to a number of