IMF predicts 3.8% growth for Kuwait’s non-oil sector in 2023

The International Monetary Fund (IMF) has predicted that Kuwait’s non-oil growth will rise to approximately 3.8% by 2023 due to a strong expatriate community. Despite an overall growth rate of just 0.1% this year, the non-oil economy will be boosted by financial stimulus and an increase in expatriate employment. The IMF report also noted that Kuwait has recovered well from the pandemic, with inflation under control thanks to managed prices and subsidies. However, the country’s economy is at risk from external factors such as instability in oil prices and production, as well as delays in implementing necessary financial and structural reforms. The report recommends fiscal and structural reforms to boost non-oil private sector-led growth and diversify economic activity.