Kuwait economic and reform outlook

Kuwait’s economic performance has been subdued over the past few years. Growth has been constrained by Opec-linked oil production cuts and, in the non-oil sector, normalising consumer spending following a post-Covid-19 surge. Activity has also had to operate against a background of tighter central bank monetary policy. 

Non-oil GDP growth averaged just 0.4% year on year (y/y) in the 2021-23 period, well below the…