Kuwait’s economy is famously based on its natural resources, including 8.2% of the world’s oil reserves and around 1% of global gas reserves. The economy is therefore inextricably linked to the price of oil and will remain so for the medium term at least. However, in recent times oil revenues have surged, and together with strong public finances and a young and growing population, the country’s...
The Middle East Economy
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Chapter | Country Profile from The Report: Kuwait 2012
This section includes information about Kuwait’s history, geography, culture, religion, population, education sector, language, natural resources and climate.
Nestled between Iraq and Saudi Arabia in the northwest corner of the Gulf, Kuwait has been a leader of Arab democracy and one of the most liberal nations within the GCC since the country gained independence in 1961. Economically, the country also has a bright future, with strong public finances, a young and well-educated population and vast oil deposits.
Jordan’s stable political environment, as well as the robust growth projections for its economy, should ensure near term investment inflows continue to fuel growth across the board; however, regional instability has been having a negative impact on the country’s tourism sector and rising refugee numbers are putting increased pressure on state services.
Sharjah is the UAE’s third-largest emirate with a population of almost 800,000 and a GDP of roughly $24bn. Government focus on education programmes and the development of a diversified economic base has helped support Sharjah’s robust growth in recent years while its relatively small oil and gas reserves mean the emirate has been less affected than many by the oil price-induced turbulence witnessed over the past two years.