Macro - Country Economic Forecasts - Kuwait
We continue to see non-oil sector growth of 4.7% this year, after increasing by 3.1% in 2021, propelled by high consumer spending and robust real estate sales. Surging oil prices and increasing oil production are also helping economic growth. But there are downside risks to the economic outlook from a distressed labor market, fiscal consolidation, slow progress on reforms, and worries about short-term liquidity needs amid political disagreements over debt financing. Overall GDP is still seen growing at 6.3% in 2022, compared with 2.5% in 2021.
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