Kuwait economy is dominated by the industrial sector which contributed approximately 74.8% to the total GDP in 2015. Mining and quarrying is the major contributing 57.4% of GDP. Kuwait has a new Development Plan which provides direction for prioritizing capital expenditure, encouraging private investment and creating jobs for nationals in the private sector Kuwait’s government has diversified the economy from the oil sector to the non-oil sector. The non-oil sectors such as retail sector, healthcare sector, education, residential housing, and banking and financial sector is expected to driver economic growth during the forecast period.
Lucintel, a leading global management consulting and market research firm, has analyzed the political, economic, social, technological, legal, and environmental factors of Kuwait, and has come up with a comprehensive research report “PESTLE Analysis of Kuwait 2016.” This report provides an analysis of the Kuwait economy from historical, current, and future perspectives. SWOT analysis, forecast, scenario analysis, and risk analysis of Kuwait is also included in the report. The report also includes forecast of the economic growth through 2021.
The report highlights various drivers and challenges which have influence on development decisions in the economy. Kuwait is considered to be one of the most democratic and liberal countries in the Middle East region. Kuwait is a politically stable country which follows constitutional monarchy. Kuwait has the sixth largest oil reserve and 20th largest natural gas reserve in the world. It is the fourth largest petroleum exporter in the world. Kuwait has well-educated workforce, leading to skilled labor pool that is beneficial for the techno-based industries, such as telecom, IT, automobile, and business services. Industrial sector is the main sector, which is driving the economic growth of Kuwait. The country, however, is facing social challenges such as increasing crime rate which is raising the level of corruption. Kuwait is highly dependent on oil revenue, which is one of the main challenges. If oil prices go down, it directly affects the country’s GDP. The other challenge for Kuwait is low R&D investment.
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