Oil expert foresees Kuwait’s economic growth

Oil expert foresees Kuwait’s economic growth

By Majd Othman

KUWAIT: A recent report showed that Kuwait will have the highest economic ranking in terms of its growth with the anticipation of a new government, new economic strategies and visions. Oil expert and consultant, Abdulsamee Bahbahani told Kuwait Times that if Kuwait’s economic initiatives such as Vision 2035 and the projects of the General Secretariat for Planning are applied with the ideal scenarios, the next government will focus on “the administrative solution and the selection of important and reasonable commercial projects, like privatization projects and adopting small and medium enterprises.

“If the new government did not develop these two aspects and did not put the right man in the right place, our economic situation will remain the same, especially in state’s dependence on oil.” According to the “Economist Intelligence” of the British magazine, The Economist, Kuwait will record the highest economic growth in Middle Eastern this year (at around 8 percent), and will record the highest budget surplus (current account) in 2022 and 2023. The study also showed that the region’s major oil exporters will benefit in 2022 due to strong oil demand, increased production, and high prices, with expectations of a continuation of the active oil market in