Kuwait plans for future after oil with mega-projects | Financial Times:
When rising tensions in the Gulf threatened the passage of tankers through the Strait of Hormuz, one state had particular reason to worry — Kuwait, whose entire 2m barrels of daily oil exports pass through the strategic waterway.
The return of such tensions again highlighted the need for Kuwait to wean itself off oil, which currently contributes 90 per cent of state revenues and about half its GDP.
Kuwait is trying to diversify its economy and cut back on its enormous welfare state. GDP has fallen from its peak of $174bn in 2013, standing down at $141bn last year, according to the World Bank.
No comments:
Post a Comment