Economy

With 6% of the world’s proven oil reserves and 1% of its natural gas, Kuwait had an estimated GDP per capita of $71,943 in power purchasing parity terms in 2017, which was the eighth-highest value for any country or autonomous region, according to the World Bank. Kuwait has also been a prudent saver of its petrodollars and has the world’s fourth-largest sovereign wealth fund, with the Kuwait Investment Authority managing $592bn in assets in mid-2018, according to the SWF Institute. In 2018 the IMF calculated this financial buffer to be equivalent to 470% of Kuwait’s GDP. Although Kuwait is still exposed to oil price fluctuations for now, development initiatives already under way should ensure a sustainable economic growth path in the long term. This chapter contains an interview with Sheikh Meshaal Jaber Al Sabah, Director-General, Kuwait Direct Investment Promotion Agency.