Return on assets (ROA) at leading Kuwaiti banks dropped last year, as the country’s economy contracted 8.8%, according to the International Monetary Fund.
Kuwait, which makes half of its revenues from oil, had its finances squeezed by both the price crash and the Covid-19 pandemic. The Gulf country’s population, which is mostly made up of expatriate workers and their families, declined by 2.2% in 2020 after growing 3.3% in 2019, reports Reuters.
