Latest News
- Amir Of Kuwait And Jordan King Renew Commitment To Regional Secu...
- 37 Arrested With Narcotics And Firearms
- Outrage Over Candidate's Arrest
- Six Stores Shut Down In Jahra For Selling Fake Goods
- Peddlers Caught With Drug Pills And Crystal Meth
- PAFN Shuts Down Restaurants And Bakeries Over Violations
- MoI Officer And Lawyer Jailed On Fraud Charges For Bad Cheques
- Thousands Of Bangladeshis Gathered To Pray For Rain
- Kuwait University Symposium Addresses Student Counselors' Role I...
- Kuwait Affirms The Importance Of Group Work In Addressing Common...
- Urgent Call For Kuwaitization: Civil Service Commission Aims For...
- Kuwait Halts Work Permits For Egyptian Workers Amidst New Regula...
Gcc To Weaken, Kuwait To Rebound – Oil Muted
Economic growth in the GCC countries is expected to “significantly weakened” this year due to “muted oil prices and exceeds oil supply,” the World Bank said, which also forecasted Kuwait’s growth rate to rebound in 2020.
Economic growth in the Gulf Cooperation Council (GCC) was “significantly weakened” this year due to “muted oil prices and excess oil supply,” a WB report indicated.
According to the WB Gulf Economic Update, “while most GCC countries retained strong external positions in 2019, the ongoing slowdown in China and the continued global trade war are hindering their efforts to boost non-oil exports.” It indicated that overall real GDP growth in the GCC is estimated to drop to 0.8 percent this year compared with two percent last year.
“Meanwhile, resurgent geopolitical risks are raising risk perceptions, which could hurt prospects for investment,” the report noted. As for Kuwait, the report showed that Kuwait’s growth rate is expected to fall to 0.4 percent in 2019 before picking up to 2.2 percent in 2020 “as the OPEC production cuts expire” and two percent in 2021 “as the government increases spending on oil capacity enhancements and infrastructure to boost the non-oil sector.”
Furthermore, the issue of the Gulf Economic Update, titled “Economic Diversification for a Sustainable and Resilient GCC” said that “many countries in the region have pursued ‘traditional diversification’, meaning diversifying away from hydrocarbon production but towards heavy industries that still depend on fossil fuels.”
“The emissions-intensive nature of ‘traditional diversification’ has increased the GCC countries’ exposure to disruptive low-carbon technologies, international policy efforts to address climate change, and negative public perceptions of fossil fuels and their derivatives,” it stressed.
On his part, World Bank Regional Director for the GCC Issam Abousleiman said in this regard, “As GCC countries strive to diversify their economies, they should ensure that diversification strategies are aligned with environmental sustainability goals.”
“Ensuring that the Region’s diversification efforts are climate- friendly is critical not only for environmental sustainability but also to help the GCC invest in sources of growth that are resilient to global technology and policy impacts,” he stressed.
SOURCE : ARABTIMES
Trending News
-
Kuwait Implements Home Biometrics Services Ahead O...
14 April 2024
-
Kuwait Airways Provides Update On Flight Schedule...
14 April 2024
-
Kuwait Airways Introduces Convenient Home Luggage...
15 April 2024
-
Expat Residency Law Amended By Kuwait Ministerial...
20 April 2024
-
Gathering For Eid Al-Fitr Prayers: Kuwaiti Citizen...
10 April 2024
-
Two Expats Are Arrested For Stealing From Salmiya...
17 April 2024
-
An Egyptian Expat Dies At Kuwait's Airport
11 April 2024
-
Kuwait Airways Resumes Flights To Beirut And Oman...
15 April 2024
-
Bay Zero Water Park Kuwait: Summer Season Opens Ei...
11 April 2024
-
Temperature Increases Cause Electricity Load Index...
21 April 2024
Comments Post Comment