Kuwait non-oil sector to witness ‘upward growth’ in coming years
A recent government economic report referring to the development of the main indicators of the Kuwaiti economy during the period between 2020 and 2022 expected that the Kuwaiti non-oil sector would witness upward growth in the coming years thanks to the new gains in the field of refining of the two environmental fuel projects and Al-Zour refinery.
The special government report pointed to the development of the main indicators of the Kuwaiti economy during 2020-2022 at the level of gross domestic product, as the Kuwaiti economy witnessed a significant recovery at the beginning of 2022 as a result of the rise in international oil prices to their highest levels with the escalation of tension between Russia and Ukraine. This led to an increase in concerns about oil supplies and pushed its price to more than $100 a barrel, indicating that the gradual improvement in the global oil prices began in 2021 coinciding with the OPEC+ alliance agreement to reduce oil production levels as an attempt to save global oil markets after their collapse during the corona pandemic, which in 2020, generated large budget deficits in many countries, including Kuwait.
