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Economic Outlook 2013 Kuwait
Kuwait's economic reports reflect good performance during 2012 and forecast a positive outlook for the coming year. The below stats portray the positive outlook of the Kuwait market.
- Growth in GDP: forecasts for real GDP growth are around 3.7% for the year 2013 and 3.3% for the year 2014.
- Decrease in inflation levels, slipping to 3.5% in 2012, after reaching an average of 6% in 2010.
- Continuous governmental spending: In fact, growth in governmental spending rose by an annual average of 26% from 2009 to 2012, and is planned to grow by 10% during 2013.
- Maintained surplus in State's Budget, estimated at KD 11.5 billion (USD 41.17 billion)
- Public projects and plans of infrastructure's modernization: The government launched in January 2011 a USD 130 billion five-year development plan, envisaging 850 projects covering a wide spectrum of mega infrastructure projects.
- New legislations and law modifications to keep up with changes. In order to improve the business environment and to encourage investments, the following legislations were either introduced or amended over the past 18 months:
- Privatization law.
- Private sector labor law.
- Financial market law.
- Economic Development Plan law.
- Amendments to tax regulations.
- Creation of a fund to help insolvent debtors
Although investments were slower than expected in 2012, due to the existing bureaucratic procedures, observers of the Kuwait market realize and appreciate the corrective reforms undertaken by the local authorities, in order to encourage variety and attract different kinds of investments.
In light of this reality, we can say that the future certainly reserves new opportunities for investment in Kuwait, whether in the Oil sector or in others. The country's financial strength, along with the government's permanent quest to provide business and investment requirements; in addition to its proximity to its neighborhood of Middle East world transaction giants, all are factors that make Kuwait adequate to become a business destination and a source of true opportunities.
Entrepreneurs can therefore enter this market and analyze the opportunities without taking huge risks, and the best way to do it is through Servcorp's business solutions, Servcorp is located in Sahab Tower in the Salhia district and provides premium serviced offices and Virtual offices.
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