Kuwait to lead Gulf in growth

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KUWAIT CITY, April 20, (Agencies): The International Monetary Fund expects Kuwait’s real GDP to grow from 1.3 percent in 2021 to 8.2 percent in 2022, and 2.6 percent in 2023, reports Al-Rai daily. According to the data, Kuwait will achieve the best growth among the Gulf Cooperation Council countries, as the Fund expects the real GDP in the UAE to grow by 4.2 percent in 2022, and by 3.8 percent in 2023. The IMF also expects Qatar’s real GDP to grow by 3.4 percent this year, and 2.5 percent next year. The IMF indicated the real GDP in Saudi Arabia will grow by 7.6 percent in 2022 and by 3.6 percent in 2023 and expects Oman to achieve a growth of 5.6 percent this year and 2.7 percent in 2023, and Bahrain 3.3 percent in 2022 and 3.0 percent next year.

The fund also announced that it raised the economic growth forecast in the Middle East and North Africa region by 0.6 percent to reach 5.8 percent in 2022. The International Monetary Fund expects Kuwait’s current account balance to rise to 31.3 percent of GDP in 2022 and 27.2 percent in 2023, compared to 16.1 percent in 2021. It pointed out that the unemployment rate reached 1.3 percent in 2021. The Fund’s expectations of consumer prices in the Gulf countries and Egypt were as follows: Saudi Arabia by 2.5% in 2022 and by 2.0% in 2023; UAE 3.7% in 2022 and 2.8% in 2023; Qatar by 3.5% in 2022 and by 3.2% in 2023; Kuwait by 4.8% in 2022 and by 2.3% in 2023 and Egypt 7.5% in 2022 and 11.0% in 2023.

The Cabinet of Saudi Arabia reiterated on Tuesday the right of both the Kingdom and Kuwait to exploit the natural resources and continue developing the Al- Durra oilfield, located in the divided submerged area. The right to share the natural resources of the divided area in enshrined in the minutes of the meeting held by both countries on March 21, 2022, the Cabinet noted in a statement carried by the Saudi Press Agency (SPA). The Cabinet meeting, chaired by King Salman bin Abdulaziz, reviewed the latest developments in the region and the world, with emphasis on the storming by Israeli police of Al-Aqsa Mosque in the occupied Palestinian territories.

The Cabinet calls on the international community to shoulder its responsibility for holding the occupation forces fully responsible for these crimes and violations, citing their negative consequences on the chances of reviving the peace process in the Middle East. In a statement to the SPA following the session, Acting Minister of Media Dr. Majid bin Abdullah Al-Qasabi said the Cabinet discussed the situation in Ukraine. The Cabinet stresses the Kingdom’s support for efforts that could lead to a political solution to the crisis and achieve security and stability, stating that the Kingdom will continue to stand by the affected and needy people around the world to alleviate their suffering, the minister noted. The Cabinet approved provision of urgent medical and shelter assistance worth USD 10 million to refugees from Ukraine to neighboring countries in coordination with the United Nations, he disclosed.

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