Fitch Solutions Predict That Kuwait’s Economy Is Not Expected To Recover Till 2024

Fitch Solutions, a subsidiary of the international credit rating agency, predicted that Kuwait’s economy contracted by 10.5 percent in 2020, Kuwaiti economy will not restore the level of production that it was before the crisis until 2024, Al-Rai reported.

Fitch Solutions noted that Kuwait’s long-term outlook is weak, revealing that the growth of exports, which is a major driver of economic expansion, will slow in the coming years with the stability of oil production.

Fitch stated that after Kuwait recorded a small deficit equal to 1 percent of GDP in 2020, the current account will return to a surplus equal to 10.2 percent of GDP this year.

Fitch Solutions believes that the tension between the government and the National Assembly will continue until 2022 and that while this indicates a continued stalemate in policy-making, it still expects the public debt law to be passed this year and the political risks in the country will remain low.

 

SOURCE  :   TIMES KUWAIT

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