Kuwait's Economy Ranks Among The Top 25 In The World

Insider Monkey recently ranked Kuwait 21st on its list of the world's strongest growing economies. The nation exhibited a growth rate of 1%, placing it just after Japan, which claimed the 20th spot with a growth rate of 1.17%, slightly surpassing Kuwait.

According to a recent report, Kuwait is ranked 21st among the world's fastest-growing economies.

Despite significant risks and challenges associated with long-term growth, Kuwait's economy is currently on a recovery trajectory. International Monetary Fund officials have also expressed concern about an ongoing political stalemate between legislative and executive authorities, which the magazine has deemed a crucial issue.

In addition to the United Arab Emirates, several other Gulf nations made notable strides on the list, with a GDP growth rate of 3.50 percent. Qatar followed closely in 13th place, boasting an average growth of 2.60%, while Bahrain secured the 17th spot with a growth rate of 2.02%.

In the top three, Guyana, Panama, and the United States ranked first, second, and third with impressive growth rates of 38.40%, 6%, and 4.9%, respectively.

In its methodology for determining the top-performing economies, Insider Monkey explained that it isolated the top 50 economies based on per capita GDP. These major economies were then assessed based on their latest GDP growth rates, utilizing Q2 2023 data where available and adjusting for fiscal year data gaps. The report emphasized the significance of considering per capita GDP, as it helps distinguish the fastest-growing economies in Asia, Latin America, and Europe, indicating promising futures but not necessarily classifying them among the current top economic countries. Due to recent contractions in many of the world's wealthiest economies, even economies with low growth rates made the list.

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