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Monday , September 26 2022

Kuwait planning agency underlines economic recovery approaches

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KUWAIT, Aug 10: There are four ways of gradual economic recovery amid a looming oil price rebound, opined the chief of a Kuwaiti planning agency.

Addressing a virtual forum on the financial and economic ramifications and challenges of the novel Coronavirus (Covid-19), Secretary-General of the Supreme Council for Planning and Development (SCPD) Dr. Khaled Mahdi listed the four approaches as abrupt recovery, abrupt recovery associated with a steady stage, dual recovery and slow long-term recovery.

He predicted that an imminent oil price rebound could be conducive to a fast-track economic recovery, the SCPD said in a press release on Monday. He added that the council was using economic models to see post-coronavirus forecasts, noting that the ramifications of the Covid-19 crisis were being scrutinized globally.

The SCPD chief pointed out that following the 2008 economic crisis, there had been a global economic growth at remarkable rates, but a normal economic slowdown has started since early 2020.

The Coronavirus crisis, unfortunately, hit the world at the beginning of the world economic slowdown, cutting off supplies and trade exchange among world countries, he said. The drop in oil prices has also prompted a decline in growth rates, thus negatively impacting on the private sector and labor market, he concluded.(KUNA)

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