While the global financial crisis was felt across all the Gulf countries, Kuwait’s economy was the worst hit. Its gross domestic product decreased by 4.8% in 2009, significantly more than the United Arab Emirates’ 2.5% contraction, which was the second worst in the Gulf, according to the International Monetary Fund.
In February 2010, the Kuwaiti government unveiled a five-year $130bn economic development plan (EDP) that outlined 1100 projects aimed at kick-starting the economy. But the EDP’s efforts to date have proven to be somewhat lacklustre; in 2011, Kuwait’s economy grew 5.7%, less than one-third of Qatar’s 18.7% growth and significantly lower than growth in other Gulf countries.
