Kuwait growth set to accelerate
Kuwait’s economy should roughly quintuple in 2024 compared to last year on rising oil output and the ramp-up of production at the Al Zour refinery. The GDP growth will reach at 2.4% next year and will further increase to 3.6 per cent in 2025, thanks to rising employment, tourism and the overall population in addition to stronger government spending.
The Kuwiti dinar is pegged to an undisclosed basket of currencies of which the US dollar is likely the major component. FocusEconomics panelists see the dinar ending 2024 at KwD 0.3 per USD and the current exchange rate regime will remain in place until 2028
2024 OUTLOOK
2.4% GDP growth
2.4% Average inflation
3.45% Discount rate
LONG-TERM TRENDS
(3-year average) Year
GDP Growth (In%)
Inflation (In%)
2020-22
0.2
3.2
2023-25
2.2
2.7
2026-28
2.1
2.0
Sectors to Watch
Oil
Tourism
Infrastructure
32 Federation of GCC Chambers
Made with FlippingBook - Online magazine maker