Report: Will the Covid-19 pandemic accelerate Kuwait’s economic diversification efforts?

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Kuwait’s economy is characterised by a number of factors that helped it to withstand the severe strains caused by the pandemic. Deep and productive oil fields had contributed to high GDP per capita and one of the world’s largest sovereign wealth funds, while public debt levels were the lowest in the GCC. As such, Kuwait had the fiscal space to enact an effective response to economic challenges, although a ballooning fiscal deficit requires policymakers to accelerate private sector development efforts. With advanced digital infrastructure in place and one of the world’s highest household internet penetration rates, Kuwait was well placed to facilitate remote working, learning and commerce as Covid-19 containment measures were imposed. ICT has been one of the major drivers of inward foreign direct investment over the past five years, and the acceleration of corporate digital transformation and consumer acclimatisation bodes well for further growth.

This Covid-19 Recovery Roadmap was produced in partnership with the Kuwait Direct Investment Promotion Authority.

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