‘Kuwait least unemployed’
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KUWAIT CITY, July 2: The Arab Investment and Export Credit Guarantee Corporation (Daman) reported that Kuwait topped the global and Arab rankings in 2021 with the lowest unemployment rate (1 percent), while it ranked fifth globally in the current account balance ratio and government debt-to-output ratio, adding that it ranked 33 globally in net Government borrowing or borrowing as a percentage of output, and 22 globally in the current account balance, in billions of dollars, reports Al- Rai daily. The sources indicated that Kuwait topped the Arab countries in the majority of global indicators of the country’s risks related to trade last year, while it came in second place in the Arab world in the two COFAS indicators for assessing the business climate and state risks (38 globally).
In the 37th annual report on the investment climate in the Arab countries for the year 2022, Daman pointed out that Kuwait ranked third in the Arab world in terms of GDP growth rate last year (166 globally), 59th globally in the value of output in billions of dollars, and 67th in output according to a tie purchasing power, 38 per capita output, 35 per capita output according to purchasing power parity, 94 per capita infl ation, and 84 per capita investment as a percentage of output.
The report stated that Kuwait fell 27 places in the economic freedom index in 2022, to rank 101 globally, compared to 74th in 2021, while it came 6 in the Arab world. With regard to new foreign direct investment (FDI) projects in the Arab countries during 2021, Daman reported that Kuwait ranked 11th with 7 projects that constituted 0.8 percent of the total foreign investment projects in the region, while the country ranked 13th in the Arab world in the investment cost of projects, which constituted a cost of the seven projects, amounting to $100.8 million, are only 0.3 percent of the region’s total.
As for the number of new jobs provided by these projects, Kuwait ranked 11th in the region with 461 jobs. Kuwait ranked third in the Arab world in the number of inter-Arab projects invested by it in the Arab countries with 15 projects, while the investment cost of those projects amounted to 500.4 million dollars, making the country ranked second in terms of cost.
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