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Kuwait’s economic reform plans will face challenges

Wednesday, November 30, 2022

Significance

Kuwait’s sixth government in two years took office in October pledging to accelerate the slow reform of an economy that is overwhelmingly dominated by the state’s spending of crude oil revenues. The government wants to reinvigorate the aims of its strategic development plan, Vision 2035, which includes reversing the oil sector’s decline, upgrading infrastructure and nationalising the workforce.

Impacts

  • Kuwait’s green energy sector development will lag that of its regional neighbours.
  • Flagship development projects enshrined in the Vision 2035 economic blueprint will make minimal progress.
  • Execution of long-delayed, critical infrastructure upgrades would provide a source of growth and a rare opening for foreign investment.

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