CATEGORY: OBG CEO Surveys
As I write, oil prices have exceeded $80 a barrel for the first time in four years, marking a clear statement of intent from the Organisation of the Petroleum Exporting Countries’ decision not to increase output at their recent Algiers meeting, despite US President Donald Trump’s request that they do so.
With the Organisation of the Petroleum Exporting Countries’ recent decision not to increase oil output, and prices exceeding $80 per barrel for the first time in four years, receipts from oil exports are on the rise. This, along with the Kuwait National Development Plan, which is seeking to diversify the economy, may have contributed to the positive or very positive expectations for business conditions over the next 12 months among the majority of CEOs in our latest OBG Business Barometer: Kuwait CEO Survey. Nevertheless, executives remain wary of regional political volatility, with 66% citing this as the top non-commodity external risk to the economy.
Like many of its African peers, Djibouti has recorded robust economic growth in recent years, with its GDP expanding by 6.7% in 2017. This positive performance is largely a result of initiatives in line with Djibouti Vision 2035, the national development plan aimed at transforming the country into a middle-income economy, as well as a regional transport and logistics hub. In our inaugural Oxford Business Group Business Barometer: Djibouti CEO Survey, 68% of the 40 C-level executives surveyed believe Djibouti Vision 2035 will be successful or very successful in achieving its goals.