Country Profile

As a major oil producer and key member of OPEC and the GCC, Kuwait faces a long-term challenge in the recent fall in oil prices, which have added new impetus to its drive for economic diversification. An expanding private sector and ongoing government support for a range of infrastructure projects should, however, ensure continued growth moving forward as new developments are set in motion to serve the country’s young and dynamic population, which is growing by an average of 3.1% a year and of which 57% are under the age of 25. Hydrocarbons revenues have enabled a high standard of living in Kuwait, which has a universal and comprehensive welfare system. Regionally, meanwhile, Kuwait has been benefitting from strengthening ties between the GCC and Asia, and trade between the two regions is poised for further growth over the next few years.

This chapter contains a viewpoint from Emir Sheikh Sabah Al Ahmed Al Jaber Al Sabah and interviews with Shahin Mustafayev, Azerbaijani Minister of Economy and Industry; José Antonio Meade Kuribreña, Mexican Secretary of Foreign Affairs; and Mohammad Al Zuhair, Executive Chairman, the National Fund for Small and Medium Enterprise Development.