Saudi Arabia retains its seat on OPCW Executive Council    Saudi Transport Authority cracks down on foreign trucks violating rules    Saudi Arabia's R&D expenditure hits SR22.61 billion in 2023    Saudi Arabia, Comoros strengthen economic ties with new MoU    Saudi Arabia receives extradited citizen wanted for corruption crimes from Russia    Ukraine fights to keep the lights on as Russia hammers power plants    Sweden asks China to cooperate over severed cables    Childcare worker who abused more than 60 girls jailed for life    Indian airlines hit by nearly 1,000 hoax bomb threats    K-Pop group NewJeans split from agency in mistreatment row    Defending the Truth: Saudi Arabia and the 2034 World Cup    Culture minister visits Diriyah Art Futures    GCC Preparatory Ministerial Meeting discusses developments in Gaza and Lebanon    RCRC Chief: Riyadh Metro, featuring environmental sustainability, will improve quality of life and revolutionize transportation    Saudi Arabia hosts over 13 million foreign residents from 60 countries, says human rights official    Al Taawoun seals AFC Champions League Two knockout spot with 2-1 win over Al Khaldiya    Al Hilal advances to AFC Champions League knockout stage despite 1-1 draw with Al Sadd    Best-selling novelist Barbara Taylor Bradford dies    Most decorated Australian Olympian McKeon retires    Adele doesn't know when she'll perform again after tearful Vegas goodbye    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Kuwait economy to grow 5.2% in 2011
Published in The Saudi Gazette on 04 - 06 - 2011

KUWAIT CITY: Kuwait's economy will grow steadily in 2011 thanks to government spending and high oil prices after having risen more strongly last year, the International Monetary Fund (IMF) said.
Real GDP of the world's No. 4 oil exporter is projected to grow by 5.2 percent this year, slightly down from the IMF's April forecast of 5.3 percent.
“The economy is expected to grow steadily in 2011 and over the medium term as the government implements the development plan and global recovery supports demand for oil,” the IMF said in a document following regular consultations with Kuwait.
In 2010, the OPEC member's economy is estimated to have grown by 3.3 percent, the IMF said, well above its previous estimate of two percent.
Analysts polled by Reuters in March expected economic output to grow by four percent this year in Kuwait, which has seen only limited public protests in the political unrest that has swept other parts of the Middle East.
The IMF consultation took place between April 27 and May 9, according to the document posted on Kuwait's central bank website www.cbk.gov.kw showed.
Kuwait has been hoping to attract more investment to prepare for the time when oil runs out. So far, its $133 billion economy is dominated by the state oil industry, the biggest employer outside the public service.
The IMF said government expenditure excluding energy subsidies and social security recapitalization is estimated to have increased by 21.5 percent. Expenditure accelerated in the second half of the fiscal year 2010/2011 with a cash-and-food social grant accounting for half of the increase.
“Continued fiscal stimulus is appropriate at this juncture,” the IMF said. “Nevertheless ... expenditure should be moderated if signs of overheating emerge.”
Kuwait has boosted projected spending by nearly 10 percent to KD17.9 billion ($65 billion) in its government budget for the current fiscal year, which started in April.
The fund also said it expected Kuwait's monetary policy to remain accommodative due to its currency basket peg, dominated by the US dollar, and low global interest rates.
The central bank last cut its discount rate by 50 basis points to 2.5 percent in February 2010 to help Kuwait's economy recover from an estimated 4.6 percent contraction in 2009.


Clic here to read the story from its source.