1,041 cases

The survey was distributed between April 24 and April 28, 2020, during the partial curfew period and prior to the full lockdown announced that went into effect on May 11, 2020. The respondents were asked about the change in operations under COVID-19, their predictions on business outlooks, and their assessment of the Kuwaiti government’s response and responsibility during the outbreak.

“This is a difficult period for the private sector in Kuwait, as they have taken many painful steps to weather the short-term economic impact.” said BPR Communication Manager and the lead author of the report, Mohammed AlMutawa.

“The survey’s objective is to ground the conversation about the impact of COVID-19 on local businesses with facts and numbers to help business owners and policymakers stay informed and navigate the current and future economic landscape,” he added.

When asked about their outlook on market recovery, 45 percent of Kuwaiti business owners expect slower economic activity to extend into 2021. While 52 percent said it will take up to two full years for revenue to return to 2019 levels.

The survey also found that only 15 percent of business owners are fully aware of the economic stimulus package announced by the Kuwaiti government, and 81 percent of respondents said that current government policies are harmful to their business when asked about their sentiment towards the government’s handling of the economy.

KBIS also conducted a sector-specific analysis for 13 different sectors across the economy to look at contrasting issues and found the following as most hurting:

The survey shows 36 percent of retail have suspended operations, while 46 percent had a revenue drop by more than 50 percent but were still operating when the survey was conducted.

It also shows 39 percent of construction, contracting, and architecture have suspended operations, while 31 percent had a revenue drop by more than 80 percent but were still operating when the survey was conducted.