Kuwait secures a spot in the top 25 world economies

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KUWAIT CITY, Nov 26, (Agencies): In a recent report by Insider Monkey, Kuwait has secured the 21st position on the list of the world’s strongest growing economies. The nation exhibited a growth rate of 1%, placing it just after Japan, which claimed the 20th spot with a growth rate of 1.17%, slightly surpassing Kuwait.

In a recent report, Kuwait ranked 21st among the world’s fastest-growing economies.

Insider Monkey highlighted that Kuwait is currently on a trajectory of economic recovery, although it faces significant risks and challenges associated with long-term growth. This observation aligns with concerns raised by the International Monetary Fund, particularly in light of an ongoing political stalemate between legislative and executive authorities, deemed a crucial issue by the magazine.

Several other Gulf countries also made notable strides on the list, with the United Arab Emirates securing the eighth position and a robust GDP growth rate of 3.50%. Qatar followed closely in 13th place, boasting an average growth of 2.60%, while Bahrain secured the 17th spot with a growth rate of 2.02%.

Topping the list were Guyana with an impressive growth rate of 38.40%, Panama at 6%, and the United States at 4.9%, claiming the first, second, and third positions, respectively.

Insider Monkey outlined its methodology for determining the top-performing economies, explaining that the ranking involved isolating the top 50 economies based on per capita GDP. These major economies were then assessed based on their latest GDP growth rates, utilizing Q2 2023 data where available and adjusting for fiscal year data gaps. The report emphasized the significance of considering per capita GDP, as it helps distinguish the fastest-growing economies in Asia, Latin America, and Europe, indicating promising futures but not necessarily classifying them among the current top economic countries. Additionally, the report noted that even economies with low growth rates made the list due to recent contractions in many of the world’s wealthiest economies.

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