Kuwait Economy Infographic 2016: Story of Reform
16 Oct 2016
The story of Kuwait’s economy, like so many of its neighbours, has been dominated by oil and, before that, by pearling and fishing, so it is little surprise that Kuwait Vision 2035 draws on the country’s trading past to secure its future. Large-scale infrastructure projects and increased private sector participation in the local economy should help the country navigate challenging external economic conditions.
- Construction: Moving forward with big-ticket projects - Kuwait’s construction industry is among the strongest in the region and a rising star in the country’s non-oil economy, with the projects market continuing to expand in 2016.
- Banking: Towards longer-term gains - With a raft of large-scale, government-led development projects on the docket, rising retail deposits and strong support from regulators, Kuwait’s banking sector is poised for long-term growth.
- Health: Improving standards & capacity - Kuwait’s healthcare market is set to receive a boost over the next five years, as rising public investment and private demand keep growth at double-digit levels. Health care provision and facilities are already expanding at a faster rate than in most Gulf countries, reflecting the government’s determination to prioritise the sector.
- ICT: Incentives to enable expansion - Kuwait’s traditionally telecoms-led ICT sector saw developments in the past year that could encourage continuing expansion and spur progress in the industry.