Kuwait’s large fiscal and external surpluses as a result of high oil prices should not obscure the need for the rapid execution of development projects and a much more aggressive approach to economic reforms, a report said. The common perception is that Kuwait’s economic performance has been poor in recent years, said the latest GCC Brief published by the National Bank of Kuwait (NBK).
But nominal GDP growth has in fact bounced back reasonably well in the post-crisis period. Output rose by 21 per cent per year on average between 2009 and 2011, only slightly below the pre-crisis average of 23 per cent recorded during the boom years between 2002 and 2008, the report said.
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