Sadly the Kuwaiti economy lags behind the economies of fellow Gulf Cooperation Council (GCC) countries in numerous international indexes. However, the five-year development with its massive spending capacity stands the chance of enhancing the country’s ranking.
It is not unfair to relate the problem at least partially to non-stop wrangling between the elected legislative body and appointed executive branch. Recently, the London-based International Court of Arbitration ruled that Kuwait must pay Dow Chemical Co. of the US some $2.16 billion in damages. The ruling concerns cancellation of a 2008 agreement to acquire a stake in the firm’s plastic business.
At the time, Kuwaiti MPs forced cancellation of the proposed business on the grounds of overpricing and possible financial practices. Certainly, the development was the last of a series of negative news and reports regarding the country’s economy.
No comments:
Post a Comment