Seven decades of expanding oil production have led Kuwait to become one of the richest nations in the world, with strong oil revenues driving years of successive budget surpluses, leading the state’s young population to boast one of the world’s highest GDPs per capita. Kuwait’s generous welfare system has guaranteed free education, health care...
With every GCC member state investing in transport, the region is currently undergoing something of a road and rail boom. In the first three quarters of 2013, about $30bn in rail construction contracts were awarded across the GCC, and while some estimates suggest as much as $200bn could be spent over the next five years on regional rail...
A major global oil producer, Kuwait has come a long way in recent decades to overcome several key financial and political challenges. The country is one of the most politically dynamic among the GCC, which has afforded it strong foundations to help tackle recent issues concerning parliamentary elections and accountability. By continuing with...
With public expenditure rising and a general improvement in international economic conditions in recent years, growth estimates across the region for the six GCC member states are expected to be in the 4-5% range, with the non-oil-and-gas economy also taking the lead, once again outstripping hydrocarbons in terms of the rate of expansion.
Although economic expansion slowed in 2013 as construction on ExxonMobil’s $19bn Papua New Guinea liquefied natural gas (LNG) project wound down – albeit from 9.1% in 2012 to a still healthy 5.2% in 2013, according to the Bank of PNG (BPNG) – the country stands on the cusp of rapid resource-led growth. Despite ranking as the world’s 115th-...
While rapid increases in government spending come at the right time in Papua New Guinea’s economic cycle, the key will be the timely execution of budgeted projects. Affected by low disbursement levels, particularly for its capital expenditure, the government is enacting key reforms to streamline projects and strengthen revenue collection. As...
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