World Bank expects Kuwait growth at 8.5%

World Bank expects Kuwait growth at 8.5%

KUWAIT CITY - The World Bank expected domestic economic growth in the State of Kuwait this year to accelerate to 8.5 percent, provided that the balance of public finances records a 1.1 percent surplus of total output.

In its revised economic autumn report, released from Kuwait on Wednesday, on the latest economic developments in the six-nation bloc, the World Bank expected a rise in the growth rates of the domestic non-oil sector in Kuwait by 7.7 percent this year, with its expansion in 2023, with the decline of domestic economic growth to 2.5 percent on average in 2023 and 2024.

It also expected that the rise in oil revenues would compensate for a large import bill and that this would lead to a large surplus in the country’s external balance by 26.8 percent of the GDP in 2022.

The report on green growth opportunities in the GCC was released at the headquarters of Kuwait Investment Authority in cooperation with the General Secretariat of the Supreme Council for Planning and Development, in the presence of officials from the Bank and a number of Gulf Arab ambassadors in the country.

According to the report, the Kuwaiti economy is scheduled to continue to recover from the downturn