A national plan to boost Kuwait’s economic investment system.

Spread the love
Kuwait's Economy

Plan to improve Kuwait’s Economy

The National Observatory for Sustainable Development and Future Foresight, under the General Secretariat of the Supreme Council for Planning and Development, has urged the presentation of a national strategy aimed at enhancing Kuwait’s economy through investment system. This strategy aims to safeguard investors through the introduction of initiatives and measures to incentivize their active participation, along with the implementation of economic protection schemes for all societal segments to elevate living standards.

This call is part of a series of recommendations outlined in a report issued by the Observatory to bolster economic freedom in Kuwait. Notably, Kuwait ascended 18 places globally on the Economic Freedom Index, securing the 90th spot in 2024 compared to 108th in 2023. The report also positioned Kuwait sixth among Arab and Gulf nations, reflecting its economic freedom surpassing the regional average for 2024.

The report highlights Kuwait’s openness to foreign investment, albeit with some sectors still restricted, requiring liberalization. Additionally, the modern financial regulatory framework facilitates portfolio investment, while the well-capitalized banking sector contributes to monetary freedom exceeding the global average.

2024 Findings

Strengthend Kuwait's economy

The Economic Freedom Index for 2024 showcases significant improvements in several indicators for Kuwait. For instance, the Business Freedom Index surged by 9.36% to 65.2 in 2024 compared to 59.1 in 2023, while the Freedom to Trade Index remained steady at 75.6. The report also commends Kuwait’s achievements in government spending and budget management over three consecutive years, alongside a reduction in public debt as a percentage of GDP to 3.1%.

In light of these findings, the report issues ten recommendations to further enhance economic freedom in Kuwait. These include proposing a national strategy to transform Kuwait into a global financial hub, diversifying income sources, achieving economic sustainability, enhancing human capital investment, establishing an integrated electronic portal for the financial sector, and promoting good governance practices. Additionally, recommendations focus on bolstering the rule of law, optimizing financial sector performance, and ensuring economic protection for all societal strata.

Leave a Reply

Your email address will not be published. Required fields are marked *