Kuwait lack of reforms weighs on outlook – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News

Kuwait lack of reforms weighs on outlook – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News

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KUWAIT CITY, March 8: Global Finance magazine said that Kuwait is reaping the benefits of high oil and gas prices, but the lack of reforms weighs on the country’s economic outlook, noting that high energy prices during 2022 led to an increase in oil revenues in Kuwait by 85%, which led to a GDP growth of 8.5 percent, and the fiscal deficit decreased by 70 percent, for the time in 3 years, reports Al-Anba daily. Quoting the CEO of the National Bank of Kuwait, Salah Al-Fulaij, the Global Finance said: “While the world faced tensions due to the war in Ukraine and its impact on the global economic scene, the operating environment in Kuwait was mainly positive, due to the rise in oil and intense demand after the pandemic, which encouraged consumer spending.”