Despite continual political bickering and a stagnant reform process, Kuwait has in recent years been able to rely on oil revenues to support growth and keep its citizens happy.
Yet after years of healthy growth rates, some economists are warning that Kuwait may be the hardest hit of all Gulf countries this year.
Mauled by slumping oil income, production cuts and a domestic financial crisis, the country is in danger of suffering its worst economic contraction since it was invaded by Iraq in 1990, National Bank of Kuwait – the country’s largest financial institution – warned in a report last week.
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