The economy of Kuwait stands on the threshold of entering a major new phase in its development. Up to now, it has been based largely on the export of raw hydrocarbons or ancillary products such as petrochemicals. Now, however, a large programme of public investment is re-energising the economy across the board, and industry is set to be a...
As part of Kuwait’s effort to diversify and grow its economy, authorities are launching two initiatives that are set to expand trade with East Asia. First, Kuwait is looking to increase its oil production from around 2.9m barrels per day (bpd) currently to 4m bpd by 2020. This will also boost production of associated gas, which can be used as...
Efforts to diversify the economy away from hydrocarbons have helped drive industrial development. Non-oil GDP saw 10% growth in 2012, and during the 2006-12 period, manufacturing made up an average of 6.4% of GDP a year. Land, transport and electricity prices are currently the main challenges in growing this sector, but efforts are being made to overcome these issues. In early 2013, the...
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.
Much discussion of Jordan’s economic potential focuses on the mining and processing of minerals, but knowledge sectors like pharmaceuticals may offer a more effective tonic for the economy.
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