The governing body, in its Global Economics Prospect Report also mentioned that the international organization revised its expansion rate by 1.6 percent upwards, compared to its June forecast. Additionally, non-oil activities are also expected to strengthen over time, aided by higher vaccination rates and rising investments. But, the World Bank trimmed its 2023 growth forecast by 0.9 percent to 2.3 percent

With oil prices averaging at $74/barrel, and aided by strengthening demand, the Gulf Cooperation Council economies are set to grow by 4.7 percent this year and by 3 percent in 2023. Coming to the Middle East and North Africa (MENA) region, the region’s growth expectation is altered by 0.8 percent to 4.4 percent in 2022, saying that both oil exporters and importers would benefit from a weakening pandemic and a fall in oil production cuts.

Even then, the World Bank mentioned that there are uncertainties that still remain high especially with falling fiscal support. As for next year, MENA is set to grow by 3.4 percent. Other additional risks for the region include factors like the resurgence of Covid-19 cases, climate disasters and changes in oil prices.

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NBK said in a report: “The economy remains on an improving trend, with activity gradually expanding.”  Even the Kuwait state news agency KUNA reported that the country’s GDP rose 1.6% in the first quarter of this year. Its oil sector contributed 48.4% to the economy in the first quarter, which is up 44.5% in the first quarter of the previous year.

Likewise, Kuwait’s non-oil sector is also expected to grow depending on the government spend in this financial year. Key indicators for growth include job opportunities in the private sector. The government is supporting projects in the sector to boost the Kuwaiti business environment. For example: Kuwait is set to grant four billion dinars for projects this year, the report added. 

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