From The Report: Kuwait 2022
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Kuwait’s economy has long been underpinned by the production and export of crude oil. Although the rise in oil prices in 2021-22 boosted government revenue and macroeconomic stability, the Covid-19 pandemic – which preceded the commodity price boom – also underscored the risks of overreliance on an industry subject to fluctuating global demand. This has created fresh impetus for economic diversification, with the government hoping that robust public finances, as well as a new Cabinet and elected legislature, will drive policy changes and infrastructure projects, in turn unlocking investment and private sector growth. Although many of the projects and objectives of the Kuwait National Development Plan 2015-20, which focused on infrastructure, have yet to be fulfilled, significant investment and ongoing efforts to meet these goals highlight progress.