Situated at the tip of Persian Gulf, Kuwait today is a country which not only stands as the one with immense wealth and prosperity in its bosom, but a mystic land that harbors opportunities from different walks of professional life as well. A country that has been termed as the ‘institution of international finance’, Kuwait has for long been enticing talented professionals from various parts of the globe. Right from a plethora of global corporations going berserk over the talent surge witnessed in the country, to numerous options that make it a cakewalk for an individual to lead a lavish professional life. Seriously, there’s so much to look forward to.
A country having a population of over 2.4 million expatriates for sure has immense that’s yet to be explored. One such gray area that has gained limelight of late is the non-oil sector in the country. Not only has it been gaining some momentum to be globally conspicuous, but has made the country to shift its reliance from the oil sector to other budding industries as well. The section to follow will talk about the same.
Non-Oil Growth Steering The Economy
Despite a big dip in the oil prices last year, the country is all set to witness a sturdy growth on all economic fronts. However, this has been the trend since 2013, majorly due to the government’s implementation of a robust developmental plan. Plus, the overly ambitious capital spending investors are set to continue the trend during 2015 and 2016, which will further increase the booming non-oil economic growth across the country. The growth in these industries is all set to remain as high as 5% during the long lying year ahead, supplemented by the public sector investment going rampant in Kuwait.
The governmental plan that has led to this surge calls for investment from public as well as private sector sources. Looking forward to implement the same till the year 2020, it is expected that a good number of employment opportunities will also be created, for those with the right skills and willing to make a run for it. In addition to this, the Kuwaiti regime also seeks to better the business environment in the country for a multitude of corporations to flourish. A public-private partnership (PPP) investment model is what that will lead to more efficiently designed initiatives.
With the non-oil GDP growth all set between 4-5%, the flat oil production in the country is expected to keep the GDP growth positive at around 1.3% during 2015. This clearly vouches for the economic security that has been ensured at every front in the country.
What About The Fiscal Position?
Goes without saying that Kuwait of late has been seen as a country being in a strong fiscal position. However, experts have clearly suggested that with some amount of restraints ensured in the current spending and hence preserving buffers for the future lying ahead. A medium-term strategy in the fiscal arena is expected to drive reforms, which includes increasing of current expenditures and prioritizing the capital expenditure entering the Kuwaiti markets.
The proposed reform in wages would definitely be a great fit with limits assigned to the overall expenditure and aligning incentives in a way that the wide gap between private and public sector salaries can be reduced to quite an extent. It’s the social and physical infrastructure that requires the government’s attention right now and this has clearly shown in the firms steps it has taken to uplift the overall scenario.
The country has much to look forward to in the coming years. It just depends on your approach, Kuwait surely has immense in store for you!