Mubasher: The World Bank has lowered its expectations for Kuwait’s gross domestic product (GDP) for the three-year period from 2019 until 2021, when compared to June 2019’s estimates.
The World Bank announced that Kuwait’s economy shrank by 0.4% in 2019, with a decline of 1.2% when compared to the estimates for June 2019.
Meanwhile, the economy grew by 1.2% in 2018, according to a recent report by the World Bank.
The report highlighted that the oil-rich country’s economic growth is projected to post 2% in both 2021 and 2022.
Noteworthy to mention, in October, the World Bank forecast that Kuwait’s real GDP will increase by 1.5% in 2019 and by around 2.5% in 2020.
Meanwhile, official data recently showed that the GDP, at constant prices, inched up by 0.4% to KWD 9.773 billion in the third quarter of 2019, compared to KWD 9.731 billion in the same quarter in 2018.