Growth expected in Kuwait economy by 5.8 pc in 2022

KUWAIT CITY, April 23: The Kuwaiti economy is expected to increase by 5.8 percent in 2022, and about 3.8 percent in 2023, supported by the growth of non-oil sectors and an increase in the production in the oil sector, reports Al-Rai daily.

According to the “Arab Economic Prospects” report issued by the Arab Monetary Fund, which includes expectations of the overall economic performance of Arab countries on a number of levels in the years 2022 and 2023, it is expected that the pace of Kuwait’s economic growth will be affected by the surrounding conditions. The economic activity in Kuwait will return to the pre-pandemic level by 2023, in conjunction with the recovery of oil production in 2022 on the background of increased production in accordance with the decisions of the Organization of Petroleum Exporting Countries (OPEC), and the continued recovery of the nonoil sector.