Economy

In the first high-level meeting of the World Trade Organisation (WTO) since 2017, representatives from member countries met in Geneva in June 2022 for the 12th Ministerial Conference, where they signed a landmark series of agreements on food exports, illegal fishing, intellectual property (IP) rights for Covid-19 vaccines and Customs duties on electronic transactions.

In a year of global economic uncertainty fuelled by inflation, geopolitical crises and supply chain insecurity, the Middle East witnessed a second consecutive year of economic growth, with countries in the region investing in new technologies and projects that could herald greater integration in the years ahead.

While small and medium-sized enterprises (SMEs) have historically made a relatively small contribution to Kuwait’s GDP, policymakers are eyeing ways to stimulate their expansion to foster a more dynamic private sector under the Kuwait National Development Plan (KNDP) 2020-25. By doing so, they hope to generate diverse new engines of growth and job creation, and reduce the...

Kuwait’s economy has long been underpinned by the production and export of crude oil. Although the rise in oil prices in 2021-22 boosted government revenue and macroeconomic stability, the Covid-19 pandemic – which preceded the commodity price boom – also underscored the risks of overreliance on an industry subject to fluctuating global demand. This has created a fresh impetus...

As part of plans to expand and diversify its global trade partners and fulfil their respective national development strategies, the GCC has launched negotiations with the UK on a free trade agreement (FTA). This partnership is expected to bolster the bloc’s economy, help attract investment and provide greater opportunities for local businesses.