Aided by elevated oil revenue and the resumption of economic activity after the Covid-19 pandemic, Kuwait was able to narrow its budget deficit for FY 2021/22 year and record GDP growth in excess of 8% in 2022. With a newly elected Parliament in place and a new Cabinet appointed, there is renewed hope that the country will undertake the reforms needed for long-term economic growth and diversificat
With increasing oil and gas prices and an expanding non-oil sector, Saudi Arabia has been logging record trade surpluses in recent years, while securing government revenue for future investment. The Kingdom is expected to be among the fastest-growing economies in the G20 in 2022 – and was on track to fulfil that forecast by the middle of the year. Indeed, in the first three months of 2022 G
A dynamic, diverse and rapidly growing country, Côte d’Ivoire is one of the largest economies in West Africa, with a promising growth outlook and favourable demographic prospects. Economic growth is expected to continue following robust recovery from the Covid-19 pandemic, with a projected growth rate of 6% for 2022. However, the global inflationary environment, the geopolitical uncertainty cau
A revival in transport and tourism after two years of pandemic-related slowdowns caused by closed borders and social-distancing measures is helping to boost the economy, with the kingdom’s hotels, restaurants and resorts once again open to regional and international visitors. The country’s guiding plan, Bahrain Economic Vision 2030, aims to enhance private sector growth and continue government
Egypt’s varied history, straddling multiple geopolitical and economic spheres, continues to shape the country’s development. However, this does not come without challenges. Food security uncertainty stemming from Russia’s invasion of Ukraine in early 2022 is a particular headwind, in combination with associated issues like inflation and foreign exchange risk. Moreover, 29.7% of Egyptians sti
Qatar’s performance during the Covid-19 pandemic built on the strength of its response to the economic blockade imposed in mid-2017. The economy has been supported by the North Field expansion project, which will increase liquefied natural gas (LNG) production from 77m tonnes per year in 2018 to 110m tonnes per year in 2027, when the project is set to be completed. The development will furthe
Ghana is the first African country to achieve independence from British colonial rule, and is widely known for its natural resources such as cocoa, as well as its inland water sources. Several measures have been taken to balance government revenue and spending, and the country remains a safe haven for foreign direct investment, which stood at $830m in the first half of 2021. The most recent genera
Nigeria is the biggest economy in Africa, with GDP of $432.3bn in 2020, according to the World Bank, and home to one of the largest proven oil reserves on the continent. The country has developed an investment-friendly business climate over two decades of civilian rule and in the nearly 60 years since independence, boosted by its oil and gas wealth, and the entrepreneurial spirit of its young popu
The Philippines posted average economic growth of 6.4% over 2010-19. While the Covid-19 pandemic tested the country’s resilience during 2020, the response measures contained within the two national stimulus packages, Bayanihan 1 and 2, provided support to vulnerable industries. Meanwhile, the rollout of the imminent Corporate Recovery and Tax Incentives for Enterprises bill is expected to create
As it seeks to capitalise on the innovative opportunities presented by the Fourth Industrial Revolution, Sharjah benefits from developed transport and logistics infrastructure, access to the Gulf and the Gulf of Oman, and a well-connected international airport. A number of initiatives aimed at developing the economy and encouraging investment inflows have been implemented over the past decade. Sha