A big and positive news has come out regarding Kuwait’s economy. In a recent study by Harvard University, Kuwait has been placed at number 30 in the list of the richest countries in the world. In this report, the economy of 145 countries around the world was assessed. According to the report, Kuwait’s per capita income (GDP per capita) is in a very strong position, which is a good news for the citizens and workers living there.
How much is Kuwait’s income and what does the report say?
According to data from Harvard’s Growth Lab, Kuwait’s GDP per capita is estimated at $31,971. If we look at it in terms of inflation and spending power i.e. ‘Purchasing Power Parity’ (PPP), then this figure increases to $51,322. This means that the standard of living there and the spending power of the people is much better than many big countries of the world.
Along with this, another good news is that global rating agency S&P has also improved Kuwait’s credit rating to AA-. The agency believes that Kuwait has strong government assets and the pace of economic reforms there has accelerated. The country’s exports are expected to reach approximately $61.9 billion in 2024, although there has been some impact of oil price fluctuations in the last few years.
There is going to be a big boom in the budget and banking sector
The Kuwait government is now going to open the mouth of its treasury, which will increase the brightness of the market. According to economic advisors, the government is going to increase capital expenditure in the budget of 2026-27. This expenditure was earlier 2.24 billion dinars, which is now set to be increased to more than 3 billion dinars. When the government spends more money, it directly benefits the banking sector and creates new employment opportunities.
Kuwait no longer wants to depend only on oil. Under ‘Kuwait Vision 2035’, the government is now promoting private companies and other businesses. The recent changes in visa rules and opening of visas to all countries are also part of this strategy, so that people from outside can come and Kuwait’s economy can get more momentum.