KUWAIT, Aug 4 (KUNA) -- The World Bank expected Kuwait's economy to grow by 2.4 per cent this year, driven by the oil sector, followed by a rise of 3.2 per cent in 2022 and 2023.
According to its review on the wider six-nation Gulf Cooperation Council (GCC) region, it went on to project 2.2 per cent growth, this year.
This would be backed by a post-pandemic global economic recovery at a predicted 5.6 per cent and the return to the global demand on oil, it predicted.
Commenting on the report at a virtual World Bank-hosted seminar, Issam Abousleiman, World Bank GCC Regional Director said structural reforms and strategic investments, particularly in in digitalization and telecommunications, were needed to further boost economic diversification.
Furthermore, trade and investment analyst Kevin Carey expected Kuwait, Oman and Bahrain's budget deficits to continue between 2021 and 2023, but at lower rates than 2020.
These countries' total non-oil output is relatively larger than it was a decade ago, he added, mentioning that GCC countries are obligated to do more in the diversification of their sources of income. (end)