Major Challenges Facing Kuwaiti Economy Particularly The Dependence On Oil By 90 Pc

Vice-President of Kuwait Economic Society Abdulwahab Al-Rasheed said, “There are major challenges facing the Kuwaiti economy, particularly the dependence on oil by 90 percent”. He pointed out the demographic imbalance as per statistics issued in 2014, explaining, “The percentage of expatriate workers whose highest educational level is secondary level is more than 40 percent. In 2025, 61,000 citizens will enter the labor market. Will there be jobs available for them?”

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Al-Rasheed stressed that 70 percent of the state budget is being spent for paying salaries, but the number of Kuwaitis in the country is declining, insisting that “This is a serious indicator. Any delay in the development of the reform policies will lead to lack of confidence and increase in financial and moral corruption”. In addition, Head of Kuwait Transparency Society Salah Al- Ghazali highlighted Kuwait’s decline in the ranking of countries that attract foreign investment. He said the United Arab Emirates has topped the Arab world in terms of direct foreign investment inflows with value reaching about $9 billion (33.3 billion dirham) of which Kuwait has achieved only 4.86 percent.

SOURCE : ARABTIMES

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