Featured by OBG
Kuwait is advancing a broad reform agenda under the New Kuwait 2035 development plan, aiming to strengthen economic resilience and diversify beyond hydrocarbons. Recent governance and fiscal reforms, including the passage of a new public debt law, are expected to expand financing options and support capital market development. At the same time, investment in infrastructure, logistics, digital technology and industry is creating new opportunities for private sector participation. While the energy sector continues to anchor the economy, expanding activity in finance, ICT and trade is helping to broaden growth drivers. Parallel investment in education, health care and cultural infrastructure is also strengthening human capital and quality of life, positioning Kuwait for more diversified and sustainable long-term growth.
Low oil prices will undoubtedly continue to be a significant challenge for Bahrain in 2016. However the kingdom’s early moves to diversify its economy mean the country is well placed to weather the storm and non-oil segments are expected to continue performing well in 2016.
Many have hailed Myanmar’s recent economic, political and social restructuring as ground breaking, and for good reason. In a relatively short period the country’s economy has gone from being largely isolated to being a focal point for foreign investment.
After a difficult 2015, marked by lower commodity prices and reduced export revenues, Peru is on track to begin economic recovery in 2016, with increased mineral output set to drive much of its rebound. The IMF forecasts growth to rise to 3.3% in 2016, up from an estimated 2.5% in 2015.
Oman’s long history of political stability coupled with its favorable international trade agreements and special economic zones has ensured strong growth in economic output and exports in recent years. The fall in global prices is undoubtedly a concern for the sultanate, but the sustained focus on diversification schemes, as well as the country’s ongoing spending commitments on big-ticket projects should ensure steady growth moving forward.
Located at a crossroads between Africa, Asia and Europe, Egypt remains one of the world’s most strategically important countries, as it has been for millennia. Egypt has the third-largest GDP in the Arab world, after oil-rich Saudi Arabia and the UAE. It is considerably more diversified than many economies in the region, with manufacturing and agriculture key contributors, making up 14.5% and 15.7% of GDP, respectively, according to the Central Bank of Egypt, as well as oil and gas extraction.
