Kuwait accounts for approximately 6.1% of the world’s proven oil reserves, with hydrocarbons revenues comprising more than 65% of the country’s GDP and 95% of total exports in 2013. Cautious budgetary decisions have resulted in large surpluses, creating a solid base for public expenditure programmes such as the National Development Plan, which is set to diversify the economy and boost employment.
Although consumer spending has weakened recently, in the long term the country will benefit from economic growth and related foreign investment, which will in turn help support consumer demand. New firms are being developed, while existing business are improving their operations. The retail sector is developing rapidly, and shopping malls are proving increasingly popular compared to the...
In spite of the logistical challenges posed by Papua New Guinea’s geography, strong global demand for raw materials against the backdrop of the commodity super-cycle continues to fuel investment in the country’s mining sector. Mining and petroleum taxes are expected to increase their contribution to the national budget, rising from $331.6m in 2013 to a projected $406.5m for 2014. Joint-venture...
Papua New Guinea is poised for change, as the country’s mineral riches are providing a major opportunity for economic development through the exploitation of natural resources. The government’s five-year strategic plan focuses on key development enablers such as free education, improvements to health services, the strengthening of law and order, rural development projects and infrastructure construction.
As the significantly divergent performances of its various sub-sectors suggest, Colombian industry is at a crossroads. Some sub-sectors have sustained robust growth during the past decade and have developed export channels targeting regional markets. However, other industries have not been able to overcome the number of challenges that nearly all Colombian manufacturers must contend with, in...
With vast coal, gold and other mineral reserves, Colombia continues to be one of Latin America’s leading mining countries. The sector has expanded significantly in the past decade, with the last two governments emphasising its importance to the national economy and courting foreign investment. However, in recent years falling commodity prices have stalled development projects, while strikes,...
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