Kuwait finally shows the will for economic reforms | GulfNews.com

Kuwait finally shows the will for economic reforms | GulfNews.com:



"Among the Gulf nations, Kuwait is showing the most serious intent to introduce far-reaching economic reforms in the aftermath of the sustained oil price drops.



There is a logic to the move, as Kuwait happens to be uniquely dependent on the oil sector for the well-being of its economy. The petroleum sector at large contributes around 90 per cent of the treasury income, 85 per cent of the state’s exports and 40 per cent of gross domestic product. Hence, the very talk of economic reforms should not come as a surprise.



Among other measures, the authorities are exploring the idea of privatising the co-op society stores, a move not popular in some circles within the country. Such a development would be extraordinary as the more than 50 co-op department stores control about 70 per cent of total retail activities in Kuwait, certainly a substantial share."



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