Mubasher: Kuwait’s GDP is seen to fall by 1.1% this year from a 0.7% growth last year, due to the economic crisis resulting from the coronavirus (COVID-19) outbreak, according to the International Monetary Fund (IMF).
The Kuwaiti economy could grow by 3.4% in 2021, the IMF said in its World Economic Outlook report.
Moreover, the GCC nation’s inflation rate is likely to drop to 0.5% in 2020, compared to 1.1% last year, to reach 2.3% in 2021.
The current account is expected to contract and turn to a 10.2% deficit this year before decreasing to 7.8% in 2021.
The IMF described the new virus as “a crisis like no other”, expecting the cumulative loss to global GDP over 2020 and 2021 from the pandemic at around $9 trillion, greater than the economies of Japan and Germany, combined.
“This makes the Great Lockdown the worst recession since the Great Depression, and far worse than the Global Financial Crisis,” the report said.
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