An Islamic nation with royal inheritance in Gulf region, Kuwait has an abundance of natural energy resources of oil and gas. Even though it is a small country with a population of nearly 3.5 million, and has more expatriates than citizens, it has oil reserves that can last for another 100 years .
The country’s industry is based on oil refining and allied projects & byproducts. Petroleum accounts for 50% of the GDP, 95% of its exports revenues and government income. After the emancipation from Iraq, Kuwait witnessed a tremendous improvement in its overall growth for two decades up to the end of 2008. Now the country is facing a major challenge as new mega projects are being delayed. These would have provided an economic stimulus to the country’s growth.
In this issue I would like to address some important factors which are slowing down the country’s economic growth, which, in turn, is leading to poor infrastructure facilities, unemployment for citizens and expatriates and, consequently, bringing down the standards of life.
An Expat’s outlook on economy | Kuwait Times
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