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Kuwait's Economic Growth Is Downgraded To 0.8% By The World Bank
The World Bank has revised its projections for Kuwait's economic growth in 2023, anticipating a decrease in citizen share of GDP of 0.1 percent. The Bank now forecasts 0.8 percent growth for the Kuwaiti economy, down from 1.3 percent previously. This is a significant drop compared to the 7.9 percent growth the Kuwaiti economy experienced last year. Al-Rai daily reports that the World Bank expects growth to rebound to about 2.6 percent in the following year.
Kuwait's real GDP per capita is forecast to shrink by approximately 0.1 percent in the current year, according to a recent World Bank report titled "Achieving Balance, Jobs, and Wages in the Middle East and North Africa Region During Crises." This is in stark contrast to the robust growth of 7.4 percent recorded in 2022. However, there is an expected recovery with per capita growth projected to be around 1.7 percent in 2024.
The World Bank has revised its estimate of the current account surplus as a percentage of GDP for this year, forecasting a surplus of 23.1%, up from 22 percent in April. It is expected to decrease slightly to 19.1 percent in 2024, after reaching 26.3 percent in 2022.
The World Bank predicts a deficit of 8 percent of GDP for this year, a significant shift from last year's surplus of 2.2 percent. The deficit is expected to widen to 10.7 percent next year. Additionally, the Bank has raised its inflation projections for Kuwait in 2023 from 2.6 percent (as stated in its April report) to the current estimate of 3.3 percent. However, inflation is anticipated to decrease to 2.4 percent in 2024.
The World Bank anticipates 1.9 percent GDP growth in the Middle East and North Africa region this year, down from 6 percent in 2022. The decline is attributed to reduced oil production, low oil prices, tightened global financial conditions, and high inflation.
Among oil-exporting Gulf Cooperation Council countries, the decline in growth is expected to be particularly noticeable. Real GDP growth is expected to reach just 1 percent in 2023, a sharp drop from the 7.3 percent recorded last year and below the Bank's April forecast. As a result of reduced oil production and prices, these changes have occurred.
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