‘Every adopted developmental plan a failure’
KUWAIT CITY, Dec 21: Economic expert Jassem Al-Sa’adoun indicated that Kuwait is the weakest among the Gulf countries in terms of economic performance due to lack of public management of its affairs, reports Al-Qabas daily.
He explained that the rate of growth of Kuwait deteriorated the most from the 2008 crisis. Prior to the crisis, the growth rate was 6.4 percent but it fell by 1.4 percent after the crisis. Al-Sa’adoun said this during a symposium titled “Sustainable Investment” organized by Rasameel Structured Finance Company. He revealed that every developmental plan adopted by Kuwait has been a failure along with its failure to confront corruption and eliminate monopoly and difficulty to practice business.
Al-Sa’adoun explained that Kuwait lacks political stability, evident from the fact that the seventh government was recently formed within the last six years. The government has been the same except for the technocrat ministers. He stressed that Kuwait is the most sensitive to any geopolitical changes that could occur, highlighting a report issued by the International Monetary Fund (IMF) as per which the expected growth of the Kuwaiti economy in 2017 will range from 0.2 percent to 2.1 percent due to the Gulf crisis even though Kuwait is not one among the parties involved in the crisis.
Al-Sa’adoun said the current international conditions are similar to those during the Cold War before 1990 in terms of the spread of slogans like “America First”, election of President Donald Trump, exit of Britain from the European Union, the flourishing of extremist right wing parties in Europe and polarization prevalent in the Middle East due to internal and regional wars.